Bath and North East Somerset house prices dropped more than South West average in March

House prices dropped by 2.1% – more than the average for the South West – in Bath and North East Somerset in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.1% over the last year – though still the lowest in the South West.

The average Bath and North East Somerset house price in March was £420,693, Land Registry figures show – a 2.1% decrease on February.

Over the month, the picture was different to that across the South West, where prices decreased 0.6%, and Bath and North East Somerset was lower than the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in Bath and North East Somerset rose by £4,400 – putting the area bottom among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in Swindon, where property prices increased on average by 12.2%, to £279,000.

First steps on the property ladder

First-time buyers in Bath and North East Somerset spent an average of £361,700 on their property – £3,000 more than a year ago, and £62,500 more than in March 2018.

By comparison, former owner-occupiers paid £461,000 on average in March – 27.5% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Bath and North East Somerset in March – they dropped 2.6% in price, to £370,548 on average. But over the last year, prices rose by 1.1%.

Among other types of property:

How do property prices in Bath and North East Somerset compare?

Buyers paid 29% more than the average price in the South West (£326,000) in March for a property in Bath and North East Somerset. Across the South West, property prices are high compared to those across the UK, where the average cost £285,000.

The most expensive properties in the South West were in Cotswold – £511,000 on average, and 1.2 times as much as more than in Bath and North East Somerset. Cotswold properties cost 2.4 times as much as homes in Plymouth (£217,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in March

Annual growth to March

Highest and lowest annual growth in the South West