There is a ‘vibrant’ market for low and mid-range properties in North Devon, according to a North Devon estate agent.

The latest figures from the Office of National Statistics show a 5.3 per cent rise in house prices in September in North Devon, and 1.2 per rise in Torridge.

Over the last 12 months, there has been an overall 0.4 per cent fall in prices in North Devon, but a 2.3 per cent rise in Torridge.

Richard Douglass, of Webbers Estate Agents, said there is a ‘very split picture’ depending on what end of the market you look at.

“What we have experienced in our area is a vibrant market for properties in the lower to mid-range price bracket, with sustainable low digit growth of 3-5 per cent in percentage terms in the past 12 months,” said Mr Douglass.

“At the upper end of the market there seems to have been little change in prices, particularly as we are more dependent on buyers from further up country, especially from the South East. This is where prices are falling, so there are fewer buyers coming down here in a position to buy.

“We registered plenty of keen buyers from out of the area looking here for high value homes at the beginning of the year, and many of them are still on the market.”

Mr Douglass said a good number of high value properties sold this year were in the EX39 area.

But the average house price in Torridge is slightly below the national average, in contract to North Devon, where it is slightly above it.

The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.

The average homeowner in North Devon will have seen their property jump in value by around £44,000 in the last five years.

In Torridge, it will have rised £43,000 over the same time period.

Mr Douglass added: “It appears to be a very price sensitive market, meaning that if a property represents sensible value in comparison with other properties of a similar nature, there is every chance it will sell relatively quickly and sometimes with a number of interested parties.

“But if a property is over-priced, buyers are not interested and hence those properties are the ones that stick on the market, so correct pricing is as essential as ever.”