House prices across Torbay have increased by 1.1% in September, contributing to a 4.2% rise over the last 12 months.

Data released by the Office of National Statistics shows that the average property in the area sold for a whopping £194,937 – significantly lower than the UK average of £232,554.

Across the wider Devon area, property prices have risen by 3.0% over the past year to £259,086.

Across the UK an average property saw its value increase by 3.5%.

The data comes from the House price Index, which the ONS(Office for National Statistics) then compiles using house sale information from the Land Registry.

In Scotland and Northern Ireland, that data is Brough by equivalent government bodies.

Good news for homeowners

If you’re a homeowner already in Torbay it means you will have seen an additional £39,170 added to the value of your home, over the last 5 years.

The figures have also revealed that buyers who took the first step onto the property ladder in Torbay spent an average of £174,267.

Which is over £33,500 more than what first time buyers were paying just 5 years ago.

Frances Clacy, research analyst at estate agents Savills said:

The higher value markets of London, the South East and the East of England, where affordability is most stretched, have been particularly impacted. For the capital, house prices are now lower than they were a year ago.

Economic and political uncertainty, particularly surrounding the outcome of Brexit, also means buyers have become more cautious.

Between August last year and July this year, the most recent 12 months for which sales volume data is available over 2961 properties were sold in Torbay.

2% fewer than in the previous year.

Of course the UK also saw further house prices increases in some of the most expensive areas to live.

In September London’s Kensington and Chelsea saw properties sell for an average of £1.5million – 19 times the cost of a home in Burnley, where an average house will set you back just £79,400.

 

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