Bath and North East Somerset house prices increased in June

House prices increased by 2.2% in Bath and North East Somerset in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 2.8% over the last year.

The average Bath and North East Somerset house price in June was £435,313, Land Registry figures show – a 2.2% increase on May.

Over the month, the picture was different to that across the South West, where prices decreased 0.5%, and Bath and North East Somerset was above the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Bath and North East Somerset rose by £12,000 – putting the area 12th among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in Tewkesbury, where property prices increased on average by 9.3%, to £369,000. At the other end of the scale, properties in Cotswold lost 2% of their value, giving an average price of £467,000.

First steps on the property ladder

First-time buyers in Bath and North East Somerset spent an average of £374,800 on their property – £9,900 more than a year ago, and £78,000 more than in June 2018.

By comparison, former owner-occupiers paid £476,400 on average in June – 27.1% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Bath and North East Somerset in June – they increased 2.4%, to £383,448 on average. Over the last year, prices rose by 2.1%.

Among other types of property:

• Detached: up 1.8% monthly; up 2.9% annually; £747,259 average
• Semi-detached: up 2.1% monthly; up 2.7% annually; £456,537 average
• Flats: up 2.4% monthly; up 3.7% annually; £293,488 average

How do property prices in Bath and North East Somerset compare?

Buyers paid 35.5% more than the average price in the South West (£321,000) in June for a property in Bath and North East Somerset. Across the South West, property prices are higher than those across the UK, where the average cost is £288,000.

The most expensive properties in the South West were in Cotswold – £467,000 on average, and 7% in Bath and North East Somerset. Cotswold properties cost 2.1 times the price as homes in Plymouth (£219,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.

Factfile

Average property price in June

• Bath and North East Somerset: £435,313
• The South West:£321,152
• UK: £287,546

Annual growth to June

• Bath and North East Somerset: +2.8%
• The South West: +0.5%
• UK: +1.7%

Highest and lowest annual growth in the South West

• Tewkesbury: +9.3%
• Cotswold: -2%