House prices increased by 2.9% – more than the average for the South West – in Teignbridge in August, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 0.4% over the last year.

The average Teignbridge house price in August was £325,341, Land Registry figures show – a 2.9% increase on July.

Over the month, the picture was different to that across the South West, where prices increased 1.2%, and Teignbridge was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Teignbridge rose by £1,400 – putting the area 12th among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in South Hams, where property prices increased on average by 4.6%, to £443,000. At the other end of the scale, properties in West Devon lost 4% of their value, giving an average price of £313,000.

First steps on the property ladder

First-time buyers in Teignbridge spent an average of £262,750 on their property – £970 more than a year ago, and £57,660 more than in August 2018.

By comparison, former owner-occupiers paid £367,000 on average in August – 39.7% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Teignbridge in August – they increased 3.3%, to £325,826 on average. Over the last year, prices rose by 1.2%.

Among other types of property:

How do property prices in Teignbridge compare?

Buyers paid 0.9% less than the average price in the South West (£328,000) in August for a property in Teignbridge. Across the South West, property prices are higher than those across the UK, where the average cost is £291,000.

The most expensive properties in the South West were in Cotswold – £492,000 on average, and 1.5 times the price as in Teignbridge. Cotswold properties cost 2.2 times the price as homes in Plymouth (£222,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

Annual change to August

Highest and lowest annual growth in the South West