North Somerset house prices increased slightly in February

House prices increased slightly, by 0.2%, in North Somerset in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.5% annual growth.

The average North Somerset house price in February was £317,741, Land Registry figures show – a 0.2% increase on January.

Over the month, the picture was less good than that across the South West, where prices increased 1.2%, and North Somerset underperformed compared to the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in North Somerset rose by £35,000 – putting the area 12th among the South West’s 29 local authorities with price data for annual growth.

The best annual growth in the region was in North Devon, where property prices increased on average by 24.1%, to £331,000. At the other end of the scale, properties in Tewkesbury gained just 5.5% in value, giving an average price of £317,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in North Somerset in February – they increased 0.3%, to £188,449 on average. Over the last year, prices rose by 8.9%.

Among other types of property:

Detached: up 0.3% monthly; up 15.3% annually; £512,873 averageSemi-detached: up 0% monthly; up 13% annually; £330,849 averageTerraced: up 0% monthly; up 11.4% annually; £258,353 average

First steps on the property ladder

First-time buyers in North Somerset spent an average of £258,000 on their property – £27,000 more than a year ago, and £57,000 more than in February 2017.

By comparison, former owner-occupiers paid £361,000 on average in February – 39.9% more than first-time buyers.

How do property prices in North Somerset compare?

Buyers paid 1.6% more than the average price in the South West (£313,000) in February 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 £277,000.

The most expensive properties in the South West were in Cotswold – £451,000 on average, and 1.4 times as much as more than in North Somerset. Cotswold properties cost 2.2 times as much as homes in Plymouth (£208,000 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 February

North Somerset: £317,741The South West:£312,697UK: £276,755

Annual growth to February

North Somerset: +12.5%The South West: +12.5%UK: +10.9%

Best and worst annual growth in the South West

North Devon: +24.1%Tewkesbury: +5.5%