South Gloucestershire house prices dropped slightly 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 dropped slightly, by 0.1%, 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 achieve 10.7% annual growth.

The average South Gloucestershire house price in March was £326,501, Land Registry figures show – a 0.1% decrease on February.

Over the month, the picture was worse than that across the South West, where prices increased 0.1%, and South Gloucestershire underperformed compared to the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in South Gloucestershire rose by £32,000 – putting the area 21st 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 flats fared worst in South Gloucestershire in March – they dropped 0.4% in price, to £183,724 on average. But over the last year, prices rose by 6.6%.

Among other types of property:

Detached: down 0% monthly; up 13.9% annually; £548,470 averageSemi-detached: up 0.2% monthly; up 11.7% annually; £349,188 averageTerraced: down 0.2% monthly; up 9% annually; £270,889 average

First steps on the property ladder

First-time buyers in South Gloucestershire spent an average of £275,000 on their property – £25,000 more than a year ago, and £56,000 more than in March 2017.

By comparison, former owner-occupiers paid £368,000 on average in March – 33.6% more than first-time buyers.

How do property prices in South Gloucestershire compare?

Buyers paid 4% more than the average price in the South West (£314,000) 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 £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 South Gloucestershire. 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

South Gloucestershire: £326,501The South West:£313,834UK: £278,436

Annual growth to March

South Gloucestershire: +10.7%The South West: +10.9%UK: +9.8%

Best and worst annual growth in the South West

Torridge: +20.8%West Devon: +5.7%