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South West property prices move upwards

The average cost of a South Hams property is over £280,000

The average cost of a South Hams property is over £280,000

14th May 2007

House prices in the South West have risen by more than nine per cent in the last 12 months, figures from the Department for Communities and Local Government (DCLG) show.

The DCLG index showed the average property in the South West cost nearly £218,000 in March, up 9.3 per cent on a year earlier.

And the average price of a home in hot-spots such as South Hams in Devon is just over £280,000 - more than 10 times the average local wage.

According to the South Hams District Council (SHDC), about 10 per cent of properties in the area are second homes, one of the highest proportions in the UK.

The large percentage of second homes has helped to push up property prices, making it difficult for local people to be able to afford homes.

The highest inflation rate in the past year was in London (13.9 per cent), followed by the South East (10 per cent), the DCLG said.

Average house prices in March were £214,424 in England, £161,191 in Wales, £151,468 in Scotland and £217,579 in Northern Ireland.

The English region with the highest average house price in March remains London at £316,308.

The lowest average price was in the North East at £144,383.

Of the English regions, only the East, London, South East and the South West had average prices above the UK average.



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