Bath and North East Somerset house prices increased in September

House prices increased by 4% in Bath and North East Somerset in September, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.8% over the last year – the highest in the South West.

The average Bath and North East Somerset house price in September was £454,062, Land Registry figures show – a 4% increase on August.

Over the month, the picture was different to that across the South West, where prices decreased 0.1%, and Bath and North East Somerset was above the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in Bath and North East Somerset rose by £17,000 – putting the area top among the South West’s 26 local authorities with price data for annual growth.

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 Bath and North East Somerset spent an average of £390,000 on their property – £14,000 more than a year ago, and £92,000 more than in September 2018.

By comparison, former owner-occupiers paid £498,000 on average in September – 27.6% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Bath and North East Somerset in September – they increased 4.1%, to £302,271 on average. Over the last year, prices rose by 4%.

Among other types of property:

• Detached: up 4% monthly; up 4.8% annually; £783,321 average
• Semi-detached: up 3.8% monthly; up 3.5% annually; £475,955 average
• Terraced: up 4% monthly; up 3.1% annually; £402,458 average

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

Buyers paid 38.2% more than the average price in the South West (£329,000) in September 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 £291,000.

The most expensive properties in the South West were in Cotswold – £503,000 on average, and 1.1 times the price as in Bath and North East Somerset. 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

• Bath and North East Somerset: £454,062
• The South West:£328,668
• UK: £291,385

Annual change to September

• Bath and North East Somerset: +3.8%
• 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%