South Gloucestershire house prices increased more than South West average in October

House prices increased by 1.5% – more than the average for the South West – in South Gloucestershire in October, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 1.1% annual decline.

The average South Gloucestershire house price in October was £351,365, Land Registry figures show – a 1.5% increase on September.

Over the month, the picture was different to that across the South West, where prices increased 0.9%, and South Gloucestershire was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in South Gloucestershire fell by £4,000 – putting the area 15th among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in South Hams, where property prices increased on average by 4.7%, to £460,000. At the other end of the scale, properties in Torbay lost 6.1% of their value, giving an average price of £251,000.

First steps on the property ladder

First-time buyers in South Gloucestershire spent an average of £295,900 on their property – £3,900 less than a year ago, but £57,900 more than in October 2018.

By comparison, former owner-occupiers paid £396,200 on average in October – 33.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in South Gloucestershire in October – they increased 1.9%, to £587,221 on average. Over the last year, prices dropped by 0.2%.

Among other types of property:

How do property prices in South Gloucestershire compare?

Buyers paid 6.4% more than the average price in the South West (£330,000) in October for a property in South Gloucestershire. Across the South West, property prices are higher than those across the UK, where the average cost is £288,000.

The most expensive properties in the South West were in Cotswold – £516,000 on average, and 1.5 times the price as in South Gloucestershire. Cotswold properties cost 2.4 times the price as homes in Plymouth (£218,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

• South Gloucestershire: £351,365
• The South West:£330,260
• UK: £287,782

Annual change to October

• South Gloucestershire: -1.1%
• The South West: -0.6%
• UK: -1.2%

Highest and lowest annual growth in the South West

• South Hams: +4.7%
• Torbay: -6.1%