House prices increased by 4.8% – more than the average for the South West – in South Hams in October, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 21.5% over the last year – the highest in the South West.

The average South Hams house price in October was £453,301, Land Registry figures show – a 4.8% increase on September.

Over the month, the picture was different to that across the South West, where prices increased 0.5%, and South Hams was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in South Hams rose by £80,000 – putting the area top among the South West’s 29 local authorities with price data for annual growth.

At the other end of the scale, properties in Cotswold gained 11.1% in value, giving an average price of £505,000.

Average UK house prices increased by 12.6% in the year to October, accelerating from 9.9% in September.

The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.

The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.

“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates."

First steps on the property ladder

First-time buyers in South Hams spent an average of £360,000 on their property – £64,000 more than a year ago, and £123,000 more than in October 2017.

By comparison, former owner-occupiers paid £507,000 on average in October – 40.7% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in South Hams in October – they increased 4.9%, to £681,575 on average. Over the last year, prices rose by 21.4%.

Among other types of property:


How do property prices in South Hams compare?

Buyers paid 33.6% more than the average price in the South West (£339,000) in October for a property in South Hams. Across the South West, property prices are high compared to those across the UK, where the average cost £296,000.

The most expensive properties in the South West were in Cotswold – £505,000 on average, and 1.1 times as much as more than in South Hams. Cotswold properties cost 2.2 times as much as homes in Plymouth (£230,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.


Average property price in October

  • South Hams: £453,301
  • The South West:£339,206
  • UK: £296,422

Annual growth to October

  • South Hams: +21.5%
  • The South West: +14.9%
  • UK: +12.6%

Highest and lowest annual growth in the South West

  • South Hams: +21.5%
  • Cotswold: +11.1%