Mid Devon, Cheltenham and Torridge record highest jump in South West housing completions

Mid Devon, Cheltenham and Torridge were fastest growing areas for new home completions in the South West last year, data analysed by Paragon Bank’s Development Finance division has revealed.

Paragon analysed local authority data to reveal the most popular towns and cities for new homes in the South West for the year to the end of March 2024, compared to the same period last year.

Overall, 17,310 new homes were completed across the region during the period, a fall of 15.3% compared to the previous year.

Mid Devon topped the list with a 206% increase in home building, which produced 520 new houses over the past year. Cheltenham followed closely, seeing a 47% rise and 250 newly constructed homes.

Torridge and North Devon experienced considerable growth. Torridge saw a 44% increase with 360 new homes constructed last year, whereas North Devon added 410 homes, showing a 28% rise from the prior year.

At the opposite end of the scale, Bournemouth, Christchurch and Poole recorded a 52% fall in completions to 160 for the year, with Torbay (-45%), Gloucester (-35%), Teignbridge (-32%) Somerset (-31%) also falling.

Overall, 19 local authorities across the South West recorded a decline in the number of new homes completed, compared to seven that experienced an increase.

In terms of the highest number of homes built in the past year, Wiltshire leads the way with an impressive 1,970 homes built, closely followed by Somerset, with 1,670 homes and Cornwall with 1,660.

Nigel Jackson, senior relationship director at Paragon Development Finance, said: “It’s great to see so many areas in Devon ranking highly as fastest growing areas in the South West, this picturesque part of the UK offers so much and not just as a holiday destination. The lovely beaches and vibrant towns and cities make for a wonderful place to live for families, students and those looking to downsize.

“The South West continues to be a place that developers like to invest and we see a lot of enquiries for residential developments in the region, with so much to offer and much of it still within an easy reach of London, such as Bristol and Bath, we expect to see its popularity continue over the next few years.”