Latest analysis shows Torbay house prices are upwardly mobile

House prices are on the up, according to one latest survey.
The Halifax House Price Index says prices increased by 0.3 per cent in September, matching the rise seen in August.
Year-on-year prices are up 4.7 per cent which is still the strongest rate since November 2022.
The Index says the higher annual growth continues to reflect the base impact of weaker prices a year ago.
The typical property now costs £293,399 (compared to £292,540 in August), the highest since June 2022.
The average amount paid by first-time buyers is now around £1,000 less than two years ago.
Amanda Bryden, Head of Mortgages, Halifax, said: “UK house prices climbed for the third month in a row in September, with a slight increase of 0.3 per cent or £859 in cash terms. Annual growth edged up to 4.7 per cent, the highest rate since November 2022.
“This change brings the average property price up to £293,399, just shy of the record high of £293,507 set in June 2022.
“It’s essential to view these recent gains in context. While the typical property value has risen by around £13,000 over the past year, this increase is largely a recovery of the ground lost over the previous 12 months. Looking back two years, prices have increased by just 0.4 per cent (£1,202).
“Market conditions have steadily improved over the summer and into early autumn.
“Mortgage affordability has been easing thanks to strong wage growth and falling interest rates. This has boosted confidence among potential buyers, with the number of mortgages agreed up over 40 per cent in the last year and now at their highest level since July 2022.
“While improved mortgage affordability should continue to support buyer activity – boosted by anticipated further cuts to interest rates – housing costs remain a challenge for many. As a result we expect property price growth over the rest of this year and into next to remain modest.”
One estate agent said: “Increased mortgage market certainty is allowing UK buyers to act with greater confidence and we’ve seen the rates available on many mortgage products continue to trend downwards since a hold on the base rate in September of last year.
“Not only has this helped to accelerate the rate of house price growth being seen across the UK property market, but we’re now seeing transactional volumes climb as these sales make it over the line.
“In fact, the latest government figures show that in August, the number of monthly transactions exceeded the 100,000 threshold for the first time since December 2022. A very positive sign indeed and a strong indication that the market is now returning to form.”
Another added: “The property market has bounced back following a period of prolonged uncertainty caused by higher interest rates and, whilst they remain considerably higher than many homebuyers will have become accustomed to in recent years, we’re now seeing buyers return with confidence following the base rate cut seen in August.”
And another agent said: “It’s clear from the latest figures that the market is making a full return to health and much of the negativity of the last few years has now been reversed, as increasing buyers interest continues to cultivate the highest rate of house price growth seen since November 2022.”
According to the Index, the average amount paid by first-time buyers has increased by 4.2 per cent over the past year, which equates to an extra £9,409 in cash terms.
This brings the typical first-time buyer property price up to £232,769, its highest level since May 2024.
However that’s still about £1,000 less than the average amount paid by a first-time buyer two years ago (£233,760), a decrease of around 0.4 per cent.