A newly-built house in Bath and North East Somerset fetches an average price of £515,000, a study has found.

Home insurance brokers One Sure Insurance analysed data from the Office for National Statistics to determine and compare the median new housing prices across the South West.

And Bath and North East Somerset had the second highest new median housing price for all types of newly built housing last year across the South West.

Bath remains a major centre for cultural tourism with attractions such as the Abbey, the Roman Baths, the Jane Austen centre, and many other features, as well as being designated the UNESCO World Heritage status for its hot springs, Roman archaeology, Georgian buildings and overall natural landscape and scenery.

Of all the areas where people bought houses in Bath and North East Somerset, the most expensive housing prices were in Lansdown, Widcombe and Lyncombe, where the costs were approximately £697,500. Prices of newly built houses in Bath and North East Somerset have risen by approximately a quarter over the last five years, which has increased its housing price by roughly 15%.

A spokesperson for One Sure Insurance said: “This study provides valuable insight into the range of prices for newly built housing within local authorities across the South West. While it does not show us what the highest and lowest prices are, these median price points offer a perspective on the potential average cost for new housing.

“With countless new housing developments across the country each year and an increasing number of people looking into buying new homes, it would be beneficial to see whether these median price points remain the same for each area or might shift depending on the current demand.”

The Cotswolds

The Cotswolds came first in the study with the highest median new housing price of £575,000. Named after the wider Cotswolds region and range of hills, around 80% of the land is located within the Cotswolds Area of Outstanding Natural Beauty. 

Exeter

Exeter came third with a median new housing price of £429,000. It is situated on the River Exe and named after the cathedral city of Exeter, which is now a centre for education, business and tourism in Devon and Cornwall. 

Dorset

The county ranked fourth with a median new housing price of £414,000. This area covers most of the ceremonial county of Dorset and the majority of its coastline is part of the Jurassic Coast World Heritage Site.  

Tewkesbury

The Gloucestershire town came close behind in fifth with a median new housing price of £408,500. The borough is named after its largest town, Tewkesbury, and parts of the district lie within the Cotswolds Area of Outstanding Natural Beauty.  

Other local authorities in the top ten include South Gloucestershire, Gloucester, Swindon, South Hams, and Plymouth. 

West Devon

This area had the lowest median new housing price in the study with £283,998. A large area in the south-east lies within the Dartmoor National Park, and part of the south-west lies within the Tamar Valley “Area of Outstanding Natural Beauty”.