North Somerset house prices dropped slightly in August

House prices dropped slightly, by 0.9%, in North Somerset in August, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.2% over the last year.

The average North Somerset house price in August was £332,782, Land Registry figures show – a 0.9% decrease on July.

Over the month, the picture was different to that across the South West, where prices increased 1.2%, and North Somerset was lower than the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in North Somerset rose by £4,100 – putting the area ninth among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in South Hams, where property prices increased on average by 4.6%, to £443,000. At the other end of the scale, properties in West Devon lost 4% of their value, giving an average price of £313,000.

First steps on the property ladder

First-time buyers in North Somerset spent an average of £269,600 on their property – £2,200 more than a year ago, and £53,600 more than in August 2018.

By comparison, former owner-occupiers paid £378,700 on average in August – 40.5% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in North Somerset in August – they dropped 1.5% in price, to £193,368 on average. But over the last year, prices rose by 0.2%.

Among other types of property:

• Detached: down 0.7% monthly; up 2.4% annually; £537,302 average
• Semi-detached: down 0.7% monthly; up 1.3% annually; £349,661 average
• Terraced: down 0.9% monthly; up 0.4% annually; £272,276 average

How do property prices in North Somerset compare?

Buyers paid 1.3% more than the average price in the South West (£328,000) in August for a property in North 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 – £492,000 on average, and 1.5 times the price as in North Somerset. Cotswold properties cost 2.2 times the price as homes in Plymouth (£222,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

• North Somerset: £332,782
• The South West:£328,413
• UK: £291,044

Annual change to August

• North Somerset: +1.2%
• The South West: -1.1%
• UK: +0.2%

Highest and lowest annual growth in the South West

• South Hams: +4.6%
• West Devon: -4%