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
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.