House prices dropped by 4.1% in Bath and North East Somerset in October, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.4% annual decline.

The average Bath and North East Somerset house price in October was £426,297, Land Registry figures show – a 4.1% decrease on September.

Over the month, the picture was different to that across the South West, where prices increased 0.9%, and Bath and North East Somerset was lower than the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Bath and North East Somerset fell by £15,000 – putting the area 19th among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in South Hams, where property prices increased on average by 4.7%, to £460,000. At the other end of the scale, properties in Torbay lost 6.1% of their value, giving an average price of £251,000.

First steps on the property ladder

First-time buyers in Bath and North East Somerset spent an average of £366,000 on their property – £14,000 less than a year ago, but £69,000 more than in October 2018.

By comparison, former owner-occupiers paid £468,000 on average in October – 27.7% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Bath and North East Somerset in October – they dropped 4.4% in price, to £377,520 on average. Over the last year, prices dropped by 4%.

Among other types of property:

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

Buyers paid 29.1% more than the average price in the South West (£330,000) in October for a property in Bath and North East Somerset. Across the South West, property prices are higher than those across the UK, where the average cost is £288,000.

The most expensive properties in the South West were in Cotswold – £516,000 on average, and 1.2 times the price as in Bath and North East Somerset. Cotswold properties cost 2.4 times the price as homes in Plymouth (£218,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

Annual change to October

Highest and lowest annual growth in the South West