South Gloucestershire house prices increased in July

House prices increased by 2.7% in South Gloucestershire in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 16.3% annual growth.

The average South Gloucestershire house price in July was £351,797, Land Registry figures show –a 2.7% increase on June.

Over the month, the picture was similar to that across the South West, where prices increased 2.7%, and South Gloucestershire outperformed the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in South Gloucestershire rose by £49,000 – putting the area sixth among the South West’s 29 local authorities with price data for annual growth.

The best annual growth in the region was in South Hams, where property prices increased on average by 20.8%, to £427,000. At the other end of the scale, properties in the Forest of Dean gained just 9.9% in value, giving an average price of £298,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in South Gloucestershire in July – they increased 2.9%, to £377,049 on average. Over the last year, prices rose by 17.5%.

Among other types of property:

Detached: up 2.4% monthly; up 17.4% annually; £581,847 averageTerraced: up 2.8% monthly; up 16.1% annually; £296,309 averageFlats: up 2.5% monthly; up 11.6% annually; £196,048 average

First steps on the property ladder

First-time buyers in South Gloucestershire spent an average of £298,000 on their property – £41,000 more than a year ago, and £68,000 more than in July 2017.

By comparison, former owner-occupiers paid £395,000 on average in July – 32.7% more than first-time buyers.

How do property prices in South Gloucestershire compare?

Buyers paid 6.5% more than the average price in the South West (£330,000) in July for a property in South Gloucestershire. Across the South West, property prices are higher than those across the UK, where the average cost £292,000.

The most expensive properties in the South West were in Cotswold – £493,000 on average, and 1.4 times as much as more than in South Gloucestershire. Cotswold properties cost 2.2 times as much 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 July

South Gloucestershire: £351,797The South West:£330,414UK: £292,118

Annual growth to July

South Gloucestershire: +16.3%The South West: +20.7%UK: +15.5%

Best and worst annual growth in the South West

South Hams: +20.8%The Forest of Dean: +9.9%