A Minehead estate agent has said that the area’s housing market can expect “normality” over the next year, despite new figures revealing that the UK’s average annual house price has dropped again.

Halifax’s House Price Index for November 2022, which demonstrates the rise and fall in house prices across the country, reports that house prices fell by 2.3 per cent in November, compared to a 0.4 per cent drop in October.

This means that the average house price in the UK is now £285,579, down by approximately £7,000 from October’s £292,598.

This equates to an annual rate of growth of 4.7 per cent, down from 8.3 per cent.

The figures represent the fourth house price drop in the past five months, following a period of house price inflation post-pandemic.

However, a Minehead estate agent has reassured sellers that they predict “normality” over the next year as the area retains a high interest level.

Kevin Prescott, local director of Webbers Minehead, commented: “Whilst several articles have appeared suggesting property prices have dropped nationally, there seems to be little sign of this in West Somerset at the moment as the appetite to move to the West Country is still apparent.

““Normality” is now the term Webbers would predict for the coming year, the last few years have seen mortgage interest rates at record low levels but following the recent political changes and rise in base rates this all had to change.

“As you no longer need to live where you work, West Somerset has benefitted from the large numbers of people who now wish to work from home, the area is still attractively priced when compared to London and the home counties so buyers are not only attracted by this but also from the slower pace of life, friendly communities, the fresh coastal air and wonderful scenery so we still expect the housing market to remain strong in the coming months.

“As interest rates settle at the new “normal” of around 5 per cent and people start to look at the cost of living we do expect there to be a modest drop in local house prices in the coming year of maybe up to 5 per cent.

“Over the last 18 months we have seen prices rise in West Somerset between 15 and 20 per cent with many homes receiving almost feverish demand levels which resulted in “best and final offers”, and if we do experience a small drop in prices it will still see us well ahead of pre-pandemic price levels.”