House prices increased by 2% in Somerset in September, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 0.3% over the last year.
The average Somerset house price in September was £308,359, Land Registry figures show – a 2% increase on August.
Over the month, the picture was different to that across the South West, where prices decreased 0.1%, and Somerset was above the 0.5% drop for the UK as a whole.
Over the last year, the average sale price of property in Somerset rose by £990 – putting the area fifth 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 3.8%, to £454,000. At the other end of the scale, properties in West Devon lost 7.8% of their value, giving an average price of £308,000.
First steps on the property ladder
First-time buyers in Somerset spent an average of £248,260 on their property – £800 more than a year ago, and £57,190 more than in September 2018.
By comparison, former owner-occupiers paid £346,190 on average in September – 39.4% more than first-time buyers.
Owners of semi-detached houses saw the biggest rise in property prices in Somerset in September – they increased 2.3%, to £308,957 on average. Over the last year, prices rose by 1.2%.
Among other types of property:
- Detached: up 2.1% monthly; up 1.1% annually; £486,240 average
- Terraced: up 1.9% monthly; down 0.5% annually; £246,334 average
- Flats: up 1.2% monthly; down 1.8% annually; £148,582 average
How do property prices in Somerset compare?
Buyers paid 6.2% less than the average price in the South West (£329,000) in September for a property in Somerset. Across the South West, property prices are higher than those across the UK, where the average cost is £291,000.
The most expensive properties in the South West were in Cotswold – £503,000 on average, and 1.6 times the price as in Somerset. Cotswold properties cost 2.2 times the price as homes in Plymouth (£224,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in September
- Somerset: £308,359
- The South West: £328,668
- UK: £291,385
Annual change to September
- Somerset: +0.3%
- The South West: -1.6%
- UK: -0.1%
Highest and lowest annual growth in the South West
- Bath and North East Somerset: +3.8%
- West Devon: -7.8%