Bristol house prices held steady in September

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices remained steady in Bristol in September, new figures show.

The lack of movement maintains the longer-term trend, which has seen property prices in the area suffer a 2.4% annual decline.

The average Bristol house price in September was £350,927, Land Registry figures show – largely unchanged from August.

Over the month, the picture was similar to that across the South West, where prices decreased 0.1%, and Bristol was above the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in Bristol fell by £8,600 – putting the area 20th among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in Bath and North East Somerset, where property prices increased on average by 3.8%, to £454,000. At the other end of the scale, properties in West Devon lost 7.8% of their value, giving an average price of £308,000.

First steps on the property ladder

First-time buyers in Bristol spent an average of £317,500 on their property – £8,100 less than a year ago, but £57,100 more than in September 2018.

By comparison, former owner-occupiers paid £392,700 on average in September – 23.7% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Bristol in September – they increased 0.2%, to £685,098 on average. Over the last year, prices dropped by 1.5%.

Among other types of property:

Semi-detached:

Terraced:

Flats:

How do property prices in Bristol compare?

Buyers paid 6.8% more than the average price in the South West (£329,000) in September for a property in Bristol. Across the South West, property prices are higher than those across the UK, where the average cost is £291,000.

The most expensive properties in the South West were in Cotswold – £503,000 on average, and 1.4 times the price as in Bristol. Cotswold properties cost 2.2 times the price as homes in Plymouth (£224,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in September

Bristol: £350,927
The South West:£328,668
UK: £291,385

Annual change to September

Bristol: -2.4%
The South West: -1.6%
UK: -0.1%

Highest and lowest annual growth in the South West

Bath and North East Somerset: +3.8%
West Devon: -7.8%