South Gloucestershire house prices increased slightly in November

House prices increased slightly, by 0.5%, in South Gloucestershire in November, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 3.1% annual decline.

The average South Gloucestershire house price in November was £349,256, Land Registry figures show – a 0.5% increase on October.

Over the month, the picture was different to that across the South West, where prices decreased 2.7%, and South Gloucestershire was above the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in South Gloucestershire fell by £11,000 – putting the area 17th among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in Bath and North East Somerset, where property prices increased on average by 4.6%, to £461,000. At the other end of the scale, properties in Torridge lost 6.7% of their value, giving an average price of £302,000.

First steps on the property ladder

First-time buyers in South Gloucestershire spent an average of £294,500 on their property – £9,700 less than a year ago, but £56,400 more than in November 2018.

By comparison, former owner-occupiers paid £393,400 on average in November – 33.6% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in South Gloucestershire in November – they increased 1.3%, to £192,961 on average. Over the last year, prices dropped by 3.1%.

Among other types of property:

• Detached: up 0.6% monthly; down 2.7% annually; £581,537 average
• Semi-detached: up 0.5% monthly; down 2.6% annually; £376,238 average
• Terraced: up 0.2% monthly; down 3.9% annually; £292,020 average

How do property prices in South Gloucestershire compare?

Buyers paid 9.4% more than the average price in the South West (£319,000) in November for a property in South Gloucestershire. Across the South West, property prices are higher than those across the UK, where the average cost is £285,000.

The most expensive properties in the South West were in Cotswold – £509,000 on average, and 1.5 times the price as in South Gloucestershire. Cotswold properties cost 2.4 times the price as homes in Plymouth (£213,000 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 November

• South Gloucestershire: £349,256
• The South West:£319,221
• UK: £284,950

Annual change to November

• South Gloucestershire: -3.1%
• The South West: -4.1%
• UK: -2.1%

Highest and lowest annual growth in the South West

• Bath and North East Somerset: +4.6%
• Torridge: -6.7%