Street and Glastonbury offer affordable charm amidst Somerset's rising house prices
By Laura Linham
11th Jul 2024 | Local News
![These figures position Street and Glastonbury in the mid to upper range of Somerset's property market. These figures position Street and Glastonbury in the mid to upper range of Somerset's property market.](https://storage.googleapis.com/nub-news-files/nub-news-file-storage/569570/conversions/ICmEZuy5eRDbKPFwUptdMONm1PlWyI-metaMThfbl8xXzE4MDFfMS1hcnRpY2xlLmpwZw%3D%3D--article.jpg)
In the past 12 months, the average house price in Street (BA16) was £299,378. Meanwhile, Glastonbury (BA6) saw an average house price of £339,304.
These figures position Street and Glastonbury in the mid to upper range of Somerset's property market.
Wells (BA5) stands out with higher average house prices, reaching £383,904. Shepton Mallet (BA4) also shows relatively high prices, with an average of £363,445.
For context, Yeovil remains the most affordable place to buy a home in Somerset:
- BA21 (Yeovil): £224,486
- TA6 (Bridgwater): £232,843
- BA20 (Yeovil): £249,882
- TA18 (Crewkerne): £265,761
- TA1 (Taunton): £279,497
At the high end, Wedmore holds the title for the most expensive area:
- BS28 (Wedmore): £631,168
- BS25 (Churchill): £492,541
Other notable averages include:
- BA7 (Castle Cary): £429,255
- TA10 (Langport): £421,346
- TA3 (North Curry): £444,871
Zoopla's Executive Director of Research, Richard Donnell, says: "The housing market continues to adjust to higher borrowing costs and the summer slowdown is now arriving, tempering activity. The timing of the first cut in the base rate is key and will give a boost to market sentiment and sales activity."
"All regions and countries of the UK have registered an increase in house prices on a month-on-month basis since January," says Donnell. "But price rises are unlikely to pick up speed in the coming months."
That said, on average, they are on track to be 1.5% higher at the end of this year.
"Higher borrowing costs have reduced the buying power of new buyers. But rather than sizable price falls, the main impact has been a sharp decline in the number of sales, which were 23% lower over 2023," says Donnell.
"House prices haven't fallen as there have been few forced sellers. And unemployment has stayed low by historic standards, meaning there are a relatively small number of people struggling to pay their mortgage and falling into arrears, despite wider cost of living pressures.
"We expect house price inflation to remain muted, likely to rise more slowly than household incomes over the next 1-2 years."
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