PROPERTY prices increased in Somerset West and Taunton bucking the regional trend.

New figures show, house prices increased slightly, by 0.9%. The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.3% annual growth.

The average Somerset West and Taunton house price in April was £263,087, Land Registry figures show – a 0.9% increase on March.

Over the month, the picture was better than that across the South West, where prices decreased 2.3%, and Somerset West and Taunton outperformed the 1.9% drop for the UK as a whole.

Over the last year, the average sale price of property in Somerset West and Taunton rose by £29,000 – putting the area eighth among the South West’s 32 local authorities for annual growth.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices – they increased 1%, to £266,634 on average. Over the last year, prices rose by 12.6%.

Among other types of property:

  • Detached: up 0.9% monthly; up 13.2% annually; £409,372 average
  • Terraced: up 0.8% monthly; up 12.5% annually; £213,169 average
  • Flats: up 0.8% monthly; up 9% annually; £142,230 average

First steps on the property ladder

First-time buyers in Somerset West and Taunton spent an average of £211,000 on their property – £23,000 more than a year ago, and £41,000 more than in April 2016.

By comparison, former owner-occupiers paid £296,000 on average in April – 40.4% more than first-time buyers.

How do property prices in Somerset West and Taunton compare?

Buyers paid 6% less than the average price in the South West (£280,000) in April for a property in Somerset West and Taunton.

Across the South West, property prices are higher than those across the UK, where the average cost £251,000.

The most expensive properties in the South West were in the Cotswolds – £414,000 on average, and 1.6 times as much as in Somerset West and Taunton.

The Cotswolds properties cost 2.2 times as much as homes in Plymouth (£189,000 average), at the other end of the scale.

Factfile

Average property price in April

Somerset West and Taunton: £263,087

The South West: £279,951

The UK: £250,772

Annual growth to April

Somerset West and Taunton: +12.3%

The South West: +9.1%

The UK: +8.9%

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