According the press house prices are set to continue to surge across the South West by in the region of 6% per year, for the next five years. It is reported that this is as a result of a severe shortage of housing.

Prices across the South West are said to have risen by around 7.5% year-on-year to April.  As a result the average home in the South West region is reported to be worth £198,325 – which is close to the pre-recession levels - according to a Nationwide report.

It is believed that as a result of improving consumer confidence generally and Government support schemes, such as Help to Buy, that new purchasers are entering the market place pushing up demand.

Simon Rubinsohn, RICS chief economist, said there is a “desperate need” for more homes to come on the market.

He warned: “Until this happens we’re likely to see prices continue to increase and it is going to be ever harder for many first-time buyers to conceive of ever owning their own home.”

The Nationwide’s latest index showed above-average rises in Somerset, where prices climbed 9%, and parts of Devon, which were up 8%.

Richard Copus, regional spokesman for the National Association of Estate Agents, said the Westcountry could expect a 4% annual rise discounting London.

"Houses are selling more easily..."

Estate agent members of RICS in the Westcountry who participated in the survey, portrayed a mixed picture, with Piers Whiting, of Luscombe Maye in Totnes, reporting that viewings were up by 25%.

“A shortage of new instructions and a good level of sales is leaving a shortage of available property,” he added.

David J Dark, of Seldons in Bideford, said: “Confidence has returned to the market and with price rises now generally expected, the market for selling is the best it has been since the end of 2007.”

Taunton’s Robert J Cooney calculated that the average selling price has increased to £275,000, up 15%, with “noticeably more active buyers at the top end of the market”.