North Somerset house prices increased in July

House prices increased by 1% in North Somerset in July, new figures show.
File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.
File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.

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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The 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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Owners 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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Buyers 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%