House prices dropped slightly, by 0.2%, in South Hams in May, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 5.5% annual decline – the worst in the South West.

The average South Hams house price in May was £376,964. Land Registry figures show a 0.2% decrease on April.

Over the month, the picture was different to that across the South West, where prices increased 0.6%, and South Hams was lower than the 1.2% rise for the UK as a whole.

Over the last year, the average sale price of property in South Hams fell by £22,000 – 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 Bath and North East Somerset, where property prices increased on average by 10%, to £449,000.

First steps on the property ladder

First-time buyers in South Hams spent an average of £301,000 on their property – £17,000 less than a year ago, but £59,000 more than in May 2019.

By comparison, former owner-occupiers paid £421,000 on average in May – 39.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in South Hams in May – they dropped 0.4% in price, to £293,044 on average. Over the last year, prices dropped by 5.1%.

Among other types of property:

  • Detached: down 0.1% monthly; down 6.1% annually; £556,435 average
  • Semi-detached: down 0.3% monthly; down 3.6% annually; £372,523 average
  • Flats: down 0.2% monthly; down 7.5% annually; £212,517 average

How do property prices in South Hams compare?

Buyers paid 18.5% more than the average price in the South West (£318,000) in May for a property in South Hams. Across the South West, property prices are higher than those across the UK, where the average cost is £285,000.

The most expensive properties in the South West were in Cotswold – £497,000 on average, and 1.3 times the price as in South Hams. Cotswold properties cost 2.2 times the price 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 May

  • South Hams: £376,964
  • The South West: £318,223
  • UK: £285,201

Annual change to May

  • South Hams: -5.5%
  • The South West: +2.3%
  • UK: +2.2%

Highest and lowest annual growth in the South West

  • Bath and North East Somerset: +10%
  • South Hams: -5.5%