Teignbridge house prices dropped more than South West average in May

House prices dropped by 2% – more than the average for the South West – in Teignbridge in May, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.3% over the last year – though still the lowest in the South West.

The average Teignbridge house price in May was £310,061, Land Registry figures show – a 2% decrease on April.

Over the month, the picture was different to that across the South West, where prices decreased 0.2%, and Teignbridge was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Teignbridge rose by £960 – putting the area bottom among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in West Devon, where property prices increased on average by 7.5%, to £318,000.

First steps on the property ladder

First-time buyers in Teignbridge spent an average of £250,700 on their property – £1,300 more than a year ago, and £51,400 more than in May 2018.

By comparison, former owner-occupiers paid £349,400 on average in May – 39.4% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Teignbridge in May – they dropped 2.3% in price, to £469,225 on average. But over the last year, prices rose by 0.1%.

Among other types of property:

How do property prices in Teignbridge compare?

Buyers paid 4.2% less than the average price in the South West (£324,000) in May for a property in Teignbridge. Across the South West, property prices are higher than those across the UK, where the average cost is £286,000.

The most expensive properties in the South West were in Cotswold – £489,000 on average, and 1.6 times the price as in Teignbridge. Cotswold properties cost 2.2 times the price as homes in Plymouth (£223,000 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 May

Annual growth to May

Highest and lowest annual growth in the South West