East Devon house price increases are among the highest in the region.

In the last year, average price levels in East Devon have increased by nearly 8 per cent, according to UK House Price Index statistics.

In March 2022, the average price for all property types in the county was £344,699, with this figure today sitting at £372,043. In comparison, the average house price in the South West region is at £326,423, with an increase of 5.5 per cent in the last year.

The housing market has been volatile over the last two years, with last year’s mini-budget and difficulties posed by the pandemic resulting in direct impacts on house prices.

In the South West, Cornwall sits lowest for average house price increase in the past year at 4.9 per cent, followed by Dorset and North Somerset – both at around 6 per cent.

Talking to the Herald in April, Kim Kinnaird, mortgages director at Halifax, said: “When we delve deeper into the cost of Britain’s seaside homes, it’s clear that there is a broad spectrum in house prices.

“Second home ownership undoubtedly plays a role in driving up prices in the most desirable locations. While house prices in any location are driven by factors such as supply and demand and interest rates, there are also socio-economic factors at play.”

To see the full house prices report, visit https://landregistry.data.gov.uk/