Price of first step on property ladder soars

PUBLISHED: 17:19 02 January 2019

Row of beautiful buildings on a Sidmouth esplanade

Row of beautiful buildings on a Sidmouth esplanade

savoilic

First-time buyers are expected to pay £40,000 more than they were five years ago.

A first-time buyer in East Devon is expected to pay an average of £220,486 to make their first step on the property ladder as part of an overall price increase of 1.6 per cent.

East Devon has seen property values increase by 3.6 per cent over the last 12 months and data from the Office of National Statistics shows the average property price in the area was £286,528. This price is over £50,000 higher than the UK average.

According to data from Rightmove, the average house price in Sidmouth was £358,370 which is a nine per cent increase since 2015.

The area has a similar average price to Ottery St Mary at £351,814 but is more expensive than Branscombe.

In the UK, house prices have increased by 3.5 per cent in 2018 and the average property owner in East Devon has seen their house value jump by £53,000 in the last five years.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad. Coronavirus is one of the greatest challenges our community has ever faced, but if we all play our part we will defeat it. We're here to serve as your advocate and trusted source of local information.

In these testing times, your support is more important than ever. Thank you.

Most Read

Comments have been disabled on this article.

Most Read

Latest from the Sidmouth Herald