North Somerset house prices increased in July
House prices increased by 1% in North Somerset in July, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 9.9% annual growth.
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Hide AdThe average North Somerset house price in July was £297,225, Land Registry figures show – a 1% increase on June.
Over the month, the picture was better than that across the South West, where prices decreased 5.8%, and North Somerset outperformed the 3.7% drop for the UK as a whole.
Over the last year, the average sale price of property in North Somerset rose by £27,000 – putting the area 14th among the South West’s 32 local authorities for annual growth.
The best annual growth in the region was in North Devon, where property prices increased on average by 22.5%, to £291,000. At the other end of the scale, properties in Cheltenham gained 3.5% in value, giving an average price of £288,000.
Winners and Losers
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Hide AdOwners of flats saw the biggest improvement in property prices in North Somerset in July – they increased 1.2%, to £181,661 on average. Over the last year, prices rose by 7.8%.
Among other types of property:
Detached: up 0.7% monthly; up 11.1% annually; £468,999 averageSemi-detached: up 1.1% monthly; up 9.8% annually; £308,426 averageTerraced: up 0.8% monthly; up 10.5% annually; £244,078 average
First steps on the property ladder
First-time buyers in North Somerset spent an average of £243,000 on their property – £21,000 more than a year ago, and £38,000 more than in July 2016.
By comparison, former owner-occupiers paid £335,000 on average in July – 37.8% more than first-time buyers.
How do property prices in North Somerset compare?
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Hide AdBuyers paid 7.2% more than the average price in the South West (£277,000) in July for a property in North Somerset. Across the South West, property prices are higher than those across the UK, where the average cost £256,000.
The most expensive properties in the South West were in the Cotswolds – £406,000 on average, and 1.4 times as much as in North Somerset. The Cotswolds properties cost 2.1 times as much as homes in Plymouth (£193,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).
Factfile
Average property price in July
North Somerset: £297,225The South West:£277,178UK: £255,535
Annual growth to July
North Somerset: +9.9%The South West: +5.2%UK: +8%
Best and worst annual growth in the South West
North Devon: +22.5%Cheltenham: +3.5%