7:00pm Sunday 26th January 2014
By Michael Marsh
AN area of Somerset has enjoyed one of the biggest house price rises in the country, according to figures released this week.
Those looking to invest in the Brendon Hills in Somerset will need around £800,000 spare, a study by estate agents Savills and analysts Property Database shows.
The study also shows the area has seen one of the biggest price rises in England and Wales.
The average house price in the Brendons has more than tripled in the past decade, soaring past £800,000 to make it one of the most desirable places to live in Britain.
The findings come as no surprise to David Lethaby of Chanin & Thomas estate agents in Minehead.
He said: “These figures show what a popular area West Somerset is with homeowners and prospective buyers.
“The demand for property in this area remains high and we are lucky that we live in such a beautiful part of the country.”
Ten most lucrative streets in Taunton in 2013
The report involved an analysis of Land Registry figures for house sales last year in 200 electoral wards.
It highlighted other key areas where property is booming, revealing 43 places across the country where house prices have surged beyond the £1million mark.
With Britain’s economic recovery on the up and the positive news for homeowners in Somerset, the study suggests many areas are once again in the grip of a house price boom – and not just in London.
Lucian Cook, head of research for Savills, said: “There are now very real magnets of wealth beyond the capital.
“ A lot of areas have yet to feel the London ripple effect, so we expect to see them performing very strongly in the year ahead.
“The affluent areas will be driving the recovery because transactions are much higher than elsewhere. Equity and wealth are leaving the recovery and these are extreme examples.”
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