North Somerset house prices increased in November

House prices increased by 1.4% in North Somerset in November, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.5% annual decline.

The average North Somerset house price in November was £340,978, Land Registry figures show – a 1.4% increase on October.

Over the month, the picture was different to that across the South West, where prices decreased 2.7%, and North Somerset was above the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in North Somerset fell by £1,700 – 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 Bath and North East Somerset, where property prices increased on average by 4.6%, to £461,000. At the other end of the scale, properties in Torridge lost 6.7% of their value, giving an average price of £302,000.

First steps on the property ladder

First-time buyers in North Somerset spent an average of £275,800 on their property – £2,900 less than a year ago, but £56,100 more than in November 2018.

By comparison, former owner-occupiers paid £388,500 on average in November – 40.9% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in North Somerset in November – they increased 1.9%, to £196,784 on average. Over the last year, prices dropped by 1.6%.

Among other types of property:

• Detached: up 1.4% monthly; up 0.7% annually; £553,423 average
• Semi-detached: up 1.2% monthly; down 0.2% annually; £359,133 average
• Terraced: up 1% monthly; down 1.3% annually; £278,790 average

How do property prices in North Somerset compare?

Buyers paid 6.8% more than the average price in the South West (£319,000) in November for a property in North Somerset. Across the South West, property prices are higher than those across the UK, where the average cost is £285,000.

The most expensive properties in the South West were in Cotswold – £509,000 on average, and 1.5 times the price as in North Somerset. Cotswold properties cost 2.4 times the price as homes in Plymouth (£213,000 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 November

• North Somerset: £340,978
• The South West:£319,221
• UK: £284,950

Annual change to November

• North Somerset: -0.5%
• The South West: -4.1%
• UK: -2.1%

Highest and lowest annual growth in the South West

• Bath and North East Somerset: +4.6%
• Torridge: -6.7%