North Somerset house prices increased slightly in September

House prices increased slightly, by 0.6%, in North Somerset in September, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.2% annual decline.

The average North Somerset house price in September was £333,019, Land Registry figures show – a 0.6% increase on August.

Over the month, the picture was different to that across the South West, where prices decreased 0.1%, and North Somerset was above the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in North Somerset fell by £590 – putting the area sixth 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 3.8%, to £454,000. At the other end of the scale, properties in West Devon lost 7.8% of their value, giving an average price of £308,000.

First steps on the property ladder

First-time buyers in North Somerset spent an average of £269,400 on their property – £1,700 less than a year ago, but £49,300 more than in September 2018.

By comparison, former owner-occupiers paid £379,400 on average in September – 40.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in North Somerset in September – they increased 1%, to £540,940 on average. Over the last year, prices rose by 1.4%.

Among other types of property:

How do property prices in North Somerset compare?

Buyers paid 1.3% more than the average price in the South West (£329,000) in September for a property in North Somerset. Across the South West, property prices are higher than those across the UK, where the average cost is £291,000.

The most expensive properties in the South West were in Cotswold – £503,000 on average, and 1.5 times the price as in North Somerset. Cotswold properties cost 2.2 times the price as homes in Plymouth (£224,000 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 September

• North Somerset: £333,019
• The South West:£328,668
• UK: £291,385

Annual change to September

• North Somerset: -0.2%
• The South West: -1.6%
• UK: -0.1%

Highest and lowest annual growth in the South West

• Bath and North East Somerset: +3.8%
• West Devon: -7.8%