House prices dropped slightly, by 0.3%, in South Hams in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 20.8% annual growth – the highest in the South West.

The average South Hams house price in July was £426,600, Land Registry figures show –a 0.3% decrease on June.

Over the month, the picture was worse than that across the South West, where prices increased 2.7%, and South Hams underperformed compared to the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in South Hams rose by £74,000 – putting the area top among the South West’s 29 local authorities with price data for annual growth.

At the other end of the scale, properties in the Forest of Dean gained just 9.9% in value, giving an average price of £298,000.

Winners and Losers

Owners of flats fared worst in South Hams in July – they dropped 0.4% in price, to £233,408 on average. But over the last year, prices rose by 15.2%.

Among other types of property:

First steps on the property ladder

First-time buyers in South Hams spent an average of £339,000 on their property – £57,000 more than a year ago, and £109,000 more than in July 2017.

By comparison, former owner-occupiers paid £477,000 on average in July – 40.6% more than first-time buyers.

How do property prices in South Hams compare?

Buyers paid 29.1% more than the average price in the South West (£330,000) in July for a property in South Hams. Across the South West, property prices are high compared to those across the UK, where the average cost £292,000.

The most expensive properties in the South West were in Cotswold – £493,000 on average, and 1.2 times as much as more than in South Hams. Cotswold properties cost 2.2 times as much as homes in Plymouth (£224,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in July

Annual growth to July

Best and worst annual growth in the South West