Somerset house prices hold steady in August, bucking South West trend

While the South West sees a 1.2% increase in property prices, Somerset's housing market remains stable, according to latest Land Registry figures.

By Laura Linham

25th Oct 2023 | Property News

Somerset's housing market remains stable, according to latest Land Registry figures.
Somerset's housing market remains stable, according to latest Land Registry figures.

House prices in Somerset remained stable in August, according to recent Land Registry figures.

This stability echoes a long-term trend that shows a minor annual decline of 0.4% in local property prices. As of August, the average house price in Somerset stood at £300,601, barely changing from the previous month.

In contrast, the South West saw a 1.2% price increase over the same period, and the UK experienced a 0.3% rise in property prices. Somerset ranked 16th among the South West's 26 local authorities in terms of annual growth, with an average property sale price falling by £1,300 over the last year.

South Hams topped the region with the highest annual growth, seeing a 4.6% increase in property prices to an average of £443,000. West Devon, on the other end, saw a 4% drop, bringing the average property price there to £313,000.

First-time buyers in Somerset spent an average of £241,700 on their new homes, which is £1,800 less than last year but £51,400 more compared to July 2018. In comparison, previous homeowners in Somerset spent an average of £337,900 in August, which is 39.8% more than first-time buyers.

In terms of property types, flats in Somerset saw the most significant price drop, decreasing by 0.8% to an average price of £146,209. Over the past year, the price for flats has decreased by 2.3%. Detached homes rose by 0.1% monthly and 0.4% annually, costing on average £472,995. Semi-detached and terraced houses experienced smaller changes, with the former increasing by 0.2% monthly and 0.3% annually to £300,446, and the latter decreasing by 0.1% monthly and 1.3% annually to £240,123.

Compared to the South West average of £328,000, buyers in Somerset paid 8.5% less for their properties. The region's most expensive properties were in Cotswold, averaging £492,000, while the least expensive were in Plymouth, with an average price of £222,000.


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