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

House prices increased by 3% – more than the average for the South West – in Bath and North East Somerset in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 15.8% annual growth.

The average Bath and North East Somerset house price in July was £432,856, Land Registry figures show –a 3% increase on June.

Over the month, the picture was similar to that across the South West, where prices increased 2.7%, and Bath and North East Somerset outperformed the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in Bath and North East Somerset rose by £59,000 – putting the area ninth among the South West’s 29 local authorities with price data for annual growth.

The best annual growth in the region was in South Hams, where property prices increased on average by 20.8%, to £427,000. At the other end of the scale, properties in the Forest of Dean gained just 9.9% in value, giving an average price of £298,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Bath and North East Somerset in July – they increased 3.2%, to £384,679 on average. Over the last year, prices rose by 16%.

Among other types of property:

First steps on the property ladder

First-time buyers in Bath and North East Somerset spent an average of £373,000 on their property – £50,000 more than a year ago, and £91,000 more than in July 2017.

By comparison, former owner-occupiers paid £473,000 on average in July – 26.8% more than first-time buyers.

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

Buyers paid 31% more than the average price in the South West (£330,000) in July 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 £292,000.

The most expensive properties in the South West were in Cotswold – £493,000 on average, and 1.1 times as much as more than in Bath and North East Somerset. Cotswold properties cost 2.2 times as much 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.

Factfile

Average property price in July

Annual growth to July

Best and worst annual growth in the South West