North Somerset house prices held steady in May

House prices remained steady in North Somerset in May, new figures show.

The lack of movement maintains the longer-term trend, which has seen property prices in the area grow by 5.7% over the last year.

The average North Somerset house price in May was £336,180, Land Registry figures show – largely unchanged from April.

Over the month, the picture was similar to that across the South West, where prices decreased 0.2%.

Over the last year, the average sale price of property in North Somerset rose by £18,000 – putting the area seventh among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in West Devon, where property prices increased on average by 7.5%, to £318,000. At the other end of the scale, properties in Teignbridge gained 0.3% in value, giving an average price of £310,000.

First steps on the property ladder

First-time buyers in North Somerset spent an average of £273,000 on their property – £14,000 more than a year ago, and £60,000 more than in May 2018.

By comparison, former owner-occupiers paid £382,000 on average in May – 40.2% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest fall in property prices in North Somerset in May – they dropped 0.2% in price, to £351,923 on average. But over the last year, prices rose by 5.6%.

Among other types of property:

• Detached: down 0.2% monthly; up 6.4% annually; £543,556 average
• Terraced: up 0% monthly; up 5% annually; £273,545 average
• Flats: up 0.3% monthly; up 5.1% annually; £196,339 average

How do property prices in North Somerset compare?

Buyers paid 3.8% more than the average price in the South West (£324,000) in May for a property in North Somerset. Across the South West, property prices are higher than those across the UK, where the average cost is £286,000.

The most expensive properties in the South West were in Cotswold – £489,000 on average, and 1.5 times the price as in North Somerset. Cotswold properties cost 2.2 times the price as homes in Plymouth (£223,000 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 May

• North Somerset: £336,180
• The South West:£323,765
• UK: £285,861

Annual growth to May

• North Somerset: +5.7%
• The South West: +1%
• UK: +1.9%

Highest and lowest annual growth in the South West

• West Devon: +7.5%
• Teignbridge: +0.3%