South Gloucestershire house prices dropped more than South West average in March

House prices dropped by 0.8% – more than the average for the South West – in South Gloucestershire in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 9% over the last year.

The average South Gloucestershire house price in March was £354,668, Land Registry figures show – a 0.8% decrease on February.

Over the month, the picture was similar to that across the South West, where prices decreased 0.6%, and South Gloucestershire was above the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in South Gloucestershire rose by £29,000 – putting the area fifth among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in Swindon, where property prices increased on average by 12.2%, to £279,000. At the other end of the scale, properties in Bath and North East Somerset gained 1.1% in value, giving an average price of £421,000.

First steps on the property ladder

First-time buyers in South Gloucestershire spent an average of £299,000 on their property – £24,000 more than a year ago, and £71,000 more than in March 2018.

By comparison, former owner-occupiers paid £400,000 on average in March – 33.7% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices South Gloucestershire in March – they dropped 1.4% in price, to £295,392 on average. But over the last year, prices rose by 8.7%.

Among other types of property:

• Detached: down 0.3% monthly; up 9.4% annually; £592,860 average
• Semi-detached: down 0.7% monthly; up 9.1% annually; £380,412 average
• Flats: down 0.7% monthly; up 8.1% annually; £197,862 average

How do property prices in South Gloucestershire compare?

Buyers paid 8.8% more than the average price in the South West (£326,000) in March for a property in South Gloucestershire. Across the South West, property prices are higher than those across the UK, where the average cost £285,000.

The most expensive properties in the South West were in Cotswold – £511,000 on average, and 1.4 times as much as more than in South Gloucestershire. Cotswold properties cost 2.4 times as much as homes in Plymouth (£217,000 average), at the other end of the scale.

The highest property prices across the UK were in E09000020.

Factfile

Average property price in March

• South Gloucestershire: £354,668
• The South West:£326,035
• UK: £285,009

Annual growth to March

• South Gloucestershire: +9%
• The South West: +5.4%
• UK: +4.1%

Highest and lowest annual growth in the South West

• Swindon: +12.2%
• Bath and North East Somerset: +1.1%