North Somerset house prices increased in June

File photo dated 14/10/14 of sold and for sale signs. House prices across the UK are expected to increase by 4 percent this year, according to a property group's forecasts. Issue date: Tuesday March 9, 2021.

House prices increased by 2.4% in North Somerset in June, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.7% annual growth.

The average North Somerset house price in June was £294,244.184, Land Registry figures show – a 2.4% increase on May.

Over the month, the picture was less good than that across the South West, where prices increased 5.4581849%, and North Somerset underperformed compared to the 4.4989563% rise for the UK as a whole.

Over the last year, the average sale price of property in North Somerset rose by £33,000 – putting the area ninth among the South West’s 32 local authorities for annual growth.

The best annual growth in the region was in the Cotswolds, where property prices increased on average by 22.6%, to £463,000. At the other end of the scale, properties in Stroud gained 0.2% in value, giving an average price of £285,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in North Somerset in June – they increased 2.5%, to £241,950.1515 on average. Over the last year, prices rose by 13.4%.

Among other types of property:

Detached: up 2.3% monthly; up 13.7% annually; £464,817.3709 averageSemi-detached: up 2.3% monthly; up 12.4% annually; £304,915.4903 averageFlats: up 2.4% monthly; up 10.9% annually; £179,638.6686 average

First steps on the property ladder

First-time buyers in North Somerset spent an average of £241,000 on their property – £26,000 more than a year ago, and £35,000 more than in June 2016.

By comparison, former owner-occupiers paid £332,000 on average in June – 37.8% more than first-time buyers.

How do property prices in North Somerset compare?

Buyers paid roughly the same as the average price in the South West (£295,000) in June for a property in North Somerset. Across the South West, property prices are higher than those across the UK, where the average cost £266,000.

The most expensive properties in the South West were in the Cotswolds – £463,000 on average, and 1.6 times as much as in North Somerset. The Cotswolds properties cost 2.4 times as much as homes in Plymouth (£194,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).

Factfile

Average property price in June

North Somerset: £294,244.184The South West:£294,905.8915UK: £265,668.1787

Annual growth to June

North Somerset: +12.7%The South West: +13.7%UK: +13.2%

Best and worst annual growth in the South West

The Cotswolds: +22.6%Stroud: +0.2%