North Somerset house prices increased more than South West average in March

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices increased by 1.4% – more than the average for the South West – in North Somerset in March, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.7% annual growth.

The average North Somerset house price in March was £317,689, Land Registry figures show – a 1.4% increase on February.

Over the month, the picture was better than that across the South West, where prices increased 0.1%, and North Somerset outperformed the 0.3% 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 16th among the South West’s 29 local authorities with price data for annual growth.

The best annual growth in the region was in Torridge, where property prices increased on average by 20.8%, to £305,000. At the other end of the scale, properties in West Devon gained just 5.7% in value, giving an average price of £293,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in North Somerset in March – they increased 1.6%, to £331,717 on average. Over the last year, prices rose by 12.4%.

Among other types of property:

Detached: up 1.5% monthly; up 14.5% annually; £512,862 averageTerraced: up 1.4% monthly; up 10.6% annually; £258,321 averageFlats: up 1% monthly; up 7.7% annually; £187,488 average

First steps on the property ladder

First-time buyers in North Somerset spent an average of £258,000 on their property – £26,000 more than a year ago, and £57,000 more than in March 2017.

By comparison, former owner-occupiers paid £361,000 on average in March – 39.6% more than first-time buyers.

How do property prices in North Somerset compare?

Buyers paid 1.2% more than the average price in the South West (£314,000) in March for a property in North Somerset. Across the South West, property prices are roughly the same as those across the UK, where the average cost £278,000.

The most expensive properties in the South West were in Cotswold – £477,000 on average, and 1.5 times as much as more than in North Somerset. Cotswold properties cost 2.3 times as much as homes in Plymouth (£210,000 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 March

North Somerset: £317,689The South West:£313,834UK: £278,436

Annual growth to March

North Somerset: +11.7%The South West: +10.9%UK: +9.8%

Best and worst annual growth in the South West

Torridge: +20.8%West Devon: +5.7%