Best to invest in South West
23 March 2004
House prices in the South West have risen more sharply than anywhere else in England and Wales, a news survey claims.
Figures from the Land Registry show that some homes have quadrupled in value since 1995, with the small fishing town of Mevagissey in Cornwall as the top property spot in the country. Average house prices in the coastal town have risen from £65,000 to £241,000 since 1995.
Devon's hottest property spot is Ashburton, whose average home price since 1995 rose from £52,000 to £177,000.
Analyst John Dyson, who compiled the survey, used information from the Land Registry covering all residential property sales between 1995 and 2003 from more than 900 cities, towns and villages in England and Wales.
He said: "A strong element in most cases is that of 'catching-up', with an out of fashion location improving its standing, as well as participating in the general price growth."
A scarcity of coastal properties on the market couples with increasing demand for holiday and retirement homes has helped prices in the South West to soar in recent years.
However, local people in many towns and villages where property prices have rocketed are now being forced out by the dramatic price increases. In parts of the South West, the