South West house prices fall by 0.4%

House prices in the South West fell by 0.4% in Q4 2007 compared to the UK average of -0.8%, Halifax has said.
The annual rate of house price inflation in the South West is now 4.8%, slightly below the UK average increase of 5.2%. This means the average price of a house in the South West is currently £211,404, 7% above the UK average of £197,071.

The most expensive town surveyed in the region during Q4 2007 was Truro with an average price of £323,231, while St Austell saw the fastest rise in house prices in the region in 2007 with a 26% increase.

David Whitehead, Regional Manager, Halifax Estate Agency, comments: “The housing market in the South West is slowing. House prices fell by 0.4% over the last quarter, slightly less than the UK average fall of 0.8%. The annual rate of house price growth in the South West is now 4.8%, close to the UK average increase of 5.2%.

The average house price in the South West is 7% above the national average at £211,404.

A number of towns in the region continue to enjoy above average house price growth. Over the last year the average house price in St Austell increased by 26%. Torquay and Cheltenham also enjoyed strong double digit growth at 23% and 22% respectively.

After Truro (£323,231), Bath (£313,558) is the most expensive town in the region. The most affordable towns in the South West are Plymouth (£175,709) and Swindon (£179,776).”