South Hams had the second largest increase in house prices in the UK in the past year, according to a recent housing price study.

The 2023 regional housing price study explored recently released Land Registry data to present a detailed overview of last year’s housing market trends.

The analysis showed that the South Hams was one of the top 10 areas in the UK for largest house price increase, alongside areas like Mole Valley and Winchester, with average house prices increasing by 10.49 per cent overall.

Research carried out by conveyancing solicitors, Bird & Co, also revealed that semi-detached homes experienced the largest increase in house value over other property types in the South Hams during the same period.

Semi-detached homes saw a 13.16 per cent increase, with an average property costing £447, 330. During the same period, flats saw an 8.64 per cent increase and detached properties 10.28 per cent.

Daniel Chard, partner at Bird & Co, said rising prices “pose challenges” for aspiring homeowners. “The housing market's status dictates affordability and accessibility. Rising prices pose challenges, demanding higher down payments and limiting options.

“On the other hand, stability or decreases create a more favourable environment for those entering the market,” he said.

The findings come as new analysis shows that UK housing is the “worst value for money” of any advanced economy.

Research by the Resolution Foundation showed that British properties are “expensive, cramped and ageing” compared to other similar-sized economies, pointing out that older homes are poorly insulated and result in higher energy bills.