Devon house prices 'surge' as energy efficiency deadline looms

House prices in Exeter and Exmouth are significantly outperforming the national trend, according to data from property analytics platform UK Property Looker.

The figures show that while the UK average house price stands at £290,000, local values in these Devon hubs have surged by as much as 16 per cent in the latest period.

However, the report also highlights a "looming challenge" for the local rental market, with more than half of homes in some areas falling below modern energy efficiency targets.

According to UK Property Looker, the average house price in Exeter has risen by 11 per cent to £347,350.

The firm’s analysis suggests that homes in the city are now priced at nearly 10 times the median UK salary. This "striking appreciation" is further evidenced by the price per square foot, which at £634 is more than double the national average of £280.

The data reveals a widening gap between the top and bottom of the market:

• High-end: 18 properties sold for over £1 million, topped by a five-bedroom home on Matford Road, which sold for £3 million.

• Entry-level: A one-bedroom flat in nearby Silverton at The Meads, Wyndham Road, was recorded at £56,000.

In nearby Exmouth, the growth was even more pronounced. UK Property Looker recorded a 16 per cent increase, bringing the average property price to £371,561.

The town saw a "spike" in activity during March, with 65 transactions recorded as demand peaked. Since January 2020, the data shows that average local prices have climbed by more than £50,000.

Despite the rising valuations, UK Property Looker warns of an "urgent" issue regarding Energy Performance Certificate (EPC) ratings.

Under proposed guidelines, properties may need to meet an EPC C rating to be legally rented by 2035. The data indicates a significant portion of the local housing stock is currently non-compliant:

In Exeter, 43 per cent of homes (approximately 25,000 properties) are rated below EPC C.

In Exmouth, the figure rises to 53 per cent.

The report notes that these figures exceed national percentages, posing a substantial hurdle for landlords who must undertake renovations to maintain the viability of their investments.

The data provider also examined local crime statistics, positioning both areas as "relatively safe" compared to other regions.

Exeter recorded 181 incidents in the latest period, with violent crime and shoplifting cited as the most frequent categories. In Exmouth, the figure was lower still, with just 23 crimes reported.

UK Property Looker suggests these statistics remain a key driver for families and investors looking for "secure living conditions" in the South West.