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Devon breaks into property league top 10

By Western Morning News  |  Posted: June 09, 2012

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Devon has moved into the top 10 of the country's richest counties with a net property worth of £121.3 billion, according to a survey.

The county is named as seventh wealthiest, with Dorset making it into second place behind Surrey, according to the report by property website PrimeLocation.com.

Will Morrison, a partner at Knight Frank's regional office in Exeter, said he was not surprised that Devon was one of the most desirable places to live. He said: "There is always excellent demand and the Westcountry is on the radar when people come to look for homes. I am not surprised Devon is now in the top 10 because of the type of properties we have and the location means people want to come down here.

"The market is tricky at the moment but there is still good demand for the right properties in the right areas."

He said that 70-80% of their buyers came from London or the South East, helping the property market in the Westcountry to remain buoyant.

"They come for a variety of reasons, to buy a holiday home or for a change of lifestyle. Devon has some lovely waterfront properties or some of the best countryside to choose from," he added.

But he agreed the downside of high property prices was the difficulty faced by first-time buyers wanting to get on the housing ladder.

The news comes after RBS named the South West as "the most unaffordable region" outside London for first-time buyers.

This survey too bears out that evidence, with the South West's total regional property wealth coming in £488.3 billion, behind the South East and London.

Nigel Lewis, property analyst at PrimeLocation.com, said: "Property wealth per head is driven by one key factor – demand.

"Homes in and around the capital will always be sought-after because of the increased population density in the South and its better employment opportunities."

Dorset's property is worth almost £84 billion – that is £207,220 per head, said PrimeLocation.com. But Cornwall came well down the list at 19th with the total value of property being put at £58.6 billion, followed by Somerset in 22nd place on £56.7 billion.

On a regional level, the South East holds the greatest property wealth, accounting for nearly a third (30%) of the UK's total property fortune. London comes in second in the regional listing with just over £1 trillion.

Last month it was revealed that house prices in seaside towns have doubled over the last decade with eight of the top ten most expensive coastal places to live being here in the Westcountry.

Salcombe, in the South Hams, tops the list of the priciest coastal places to live with typical homes there costing a cool £529,000 on average.

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  • henryblince  |  June 10 2012, 10:13PM

    (moons again)

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  • Dadododo  |  June 10 2012, 10:27AM

    The only thing we hate more is ' Hello I have a big house, the rent is paid for by the tax payer, I've never worked a day in my life and never intend to, I have a drug and alcohol problem which I fund by crime and the extra money I get because the government class my self imposed addictions as making me unfit for work, I'm from a northern town but I now live by the sea in Torquay, sorted mate.

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  • henryblince  |  June 10 2012, 8:10AM

    (turns round, drops pants, moons)

    |   -3
  • henryblince  |  June 10 2012, 7:58AM

    Hey everybody! I'm from London! I have a big house! I paid a lot of money for it! Don't you just hate that!

    |   -2
  • Wyrdsister1  |  June 09 2012, 2:43PM

    Having lived all my life in Devon, it is so depressing. I am so sick of finding every delightful corner of my county populated by people from London and the Home Counties and the accompanying 'primness, polite 'stay off MY land' signage and shiny new cars squidging through our high hedged lanes. Not to mention 'Private' beaches where local people must pay to park and visit and must certainly NOT have dogs, characterful old farms split into holiday lets because the people who bought them have to make a living but have NO interest in farming, the quaint and curious beauties of our countryside disappearing weekly, evolving into clipped, neatened and whitewashed vapid versions of themselves. A countryside for people who manifestly aren't really country people,a countryside where country people can no longer afford to live, can no longer farm or otherwise live from the land. The landscape which brought so many middle to upper class Southern Englanders flooding into Devon in the last 20 or so years is changing, has changed consistently all that time, and now barely resembles the Devon of my childhood. I just wish a few simple laws could be worked out to halt the decimation of rural culture - why should anyone be allowed to buy a working farm and NOT farm it? Or otherwise use the land for community-benefit/enterprise rather than as a playground for yet more Londoners to be able to come and 'do 'Devon when locals can't even get allotment space to grow their own food?

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  • 2ladybugs  |  June 09 2012, 2:42PM

    P.S. I don't mean the area where I live is anything but lovely I just don't like the word 'desirable' used in the same context as a property.

    |   3
  • 2ladybugs  |  June 09 2012, 2:29PM

    SmartyC Where I live prices have started going back up, not by huge leaps and bounds I hasten to add but they are going the wrong way and they are selling!! There have been at least 5 "desirable" country properties sold within the last two months and for what they offer they are still well overpriced. Have they sold to local people........no...........they are second home owners who want to live the "good life" for a few weekends a year and perhaps the odd vacation. I must admit however that the property just up the road from me that was priced at £2million is having difficulties in getting a buyer and the last I know they were dropping the price. It obviously depends where you live and whether the area is "desirable" (yuck)

    |   4
  • SmartyC  |  June 09 2012, 1:26PM

    Ladybugs, why do you say " lot of property is going to be well out of the locals reach"? Devon moving up in the "league" doesn't suggest property prices are rising, just that they're falling more slowly than other areas. House prices are dropping across the country, the crazy lending has gone so there's no money to sustain the silly levels property prices reached, that's simple fact. Hence estate agent spin like this desperately trying to talk up the market.

    |   1
  • Dadododo  |  June 09 2012, 12:51PM

    In Torquay quite a lot of people are trying to break into property. We house them around Castle Circus at the tax payers expense.

    |   1
  • 2ladybugs  |  June 09 2012, 11:42AM

    I don't quite know what there is to crow about in this piece of news. Local people who want to get their foot on the property ladder are going to be the losers in this. The wages down here in no way match those in the South East therefore a lot of property is going to be well out of the locals reach. I am fortunate enough to be a property owner but I am not rubbing my hands in glee over this news.

    |   14

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