Bath and North East Somerset house prices increased more than South West average in April

House prices increased by 2.8% – more than the average for the South West – in Bath and North East Somerset in April, new figures show.
Wednesday 22nd June 2022 10:38 am
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Credit by Andrew Matthews (PA Wire )

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House prices increased by 2.8% – more than the average for the South West – in Bath and North East Somerset in April, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 16.1% over the last year.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite Government figures showing 50% of renters would be able to afford the monthly payments.

In a recent major speech in Blackpool, Prime Minister Boris Johnson announced a “comprehensive review” of the mortgage market would take place in a bid to help more people onto the property ladder.

The average Bath and North East Somerset house price in April was £436,359, Land Registry figures show – a 2.8% increase on March.

Over the month, the picture was different to that across the South West, where prices increased 1.9%, and Bath and North East Somerset was above the 1.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Bath and North East Somerset rose by £61,000 – putting the area fifth among the South West’s 29 local authorities with price data for annual growth.

The highest annual growth in the region was in North Devon, where property prices increased on average by 20.8%, to £333,000. At the other end of the scale, properties in West Devon gained just 4% in value, giving an average price of £289,000.

First steps on the property ladder

First-time buyers in Bath and North East Somerset spent an average of £377,000 on their property – £51,000 more than a year ago, and £95,000 more than in April 2017.

By comparison, former owner-occupiers paid £477,000 on average in April – 26.6% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Bath and North East Somerset in April – they increased 2.9%, to £383,243 on average. Over the last year, prices rose by 15%.

Among other types of property:

  • Detached: up 2.8% monthly; up 19% annually; £752,406 average
  • Semi-detached: up 2.7% monthly; up 17.6% annually; £457,960 average
  • Flats: up 2.7% monthly; up 12.6% annually; £295,603 average

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

Buyers paid 37% more than the average price in the South West (£319,000) in April 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 £281,000.

The most expensive properties in the South West were in Cotswold – £471,000 on average, and 8% more than in Bath and North East Somerset. Cotswold properties cost 2.2 times as much as homes in Plymouth (£216,000 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 April

  • Bath and North East Somerset: £436,359
  • The South West:£318,610
  • UK: £281,161

Annual growth to April

  • Bath and North East Somerset: +16.1%
  • The South West: +14.1%
  • UK: +12.4%

Highest and lowest annual growth in the South West

  • North Devon: +20.8%
  • West Devon: +4%

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