South Gloucestershire house prices dropped slightly in January

House prices dropped slightly, by 0.8%, in South Gloucestershire in January, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 14.7% annual growth.

The average South Gloucestershire house price in January was £333,733, Land Registry figures show – a 0.8% decrease on December.

Over the month, the picture was similar to that across the South West, where prices decreased 1.1%, but South Gloucestershire underperformed compared to the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in South Gloucestershire rose by £43,000 – putting the area 11th 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 24.6%, to £331,000. At the other end of the scale, properties in the Forest of Dean gained just 6% in value, giving an average price of £283,000.

Winners and Losers

Owners of detached houses fared worst in South Gloucestershire in January – they dropped 1.1% in price, to £559,541 on average. But over the last year, prices rose by 17.7%.

Among other types of property:

Semi-detached: down 0.7% monthly; up 15.7% annually; £356,445 averageTerraced: down 0.6% monthly; up 13% annually; £277,511 averageFlats: down 0.6% monthly; up 10.7% annually; £188,202 average

First steps on the property ladder

First-time buyers in South Gloucestershire spent an average of £281,000 on their property – £34,000 more than a year ago, and £62,000 more than in January 2017.

By comparison, former owner-occupiers paid £376,000 on average in January – 33.9% more than first-time buyers.

How do property prices in South Gloucestershire compare?

Buyers paid 8.5% more than the average price in the South West (£307,000) in January for a property in South Gloucestershire. Across the South West, property prices are higher than those across the UK, where the average cost £274,000.

The most expensive properties in the South West were in Cotswold – £467,000 on average, and 1.4 times as much as more than in South Gloucestershire. Cotswold properties cost 2.3 times as much as homes in Plymouth (£206,000 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 January

South Gloucestershire: £333,733The South West:£307,468UK: £273,762

Annual growth to January

South Gloucestershire: +14.7%The South West: +10.9%UK: +9.6%

Best and worst annual growth in the South West

North Devon: +24.6%The Forest of Dean: +6%