House prices dropped slightly, by 0.2%, in Bath and North East Somerset in August, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 2.3% over the last year.

The average Bath and North East Somerset house price in August was £438,877. Land Registry figures show a 0.2% decrease on July.

Over the month, the picture was different to that across the South West, where prices increased 0.3%, and Bath and North East Somerset was lower than the 1.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Bath and North East Somerset rose by £10,000 – putting the area 10th among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in West Devon, where property prices increased on average by 4%, to £317,000. At the other end of the scale, properties in Torridge lost 6.7% of their value, giving an average price of £281,000.

First steps on the property ladder

First-time buyers in Bath and North East Somerset spent an average of £381,000 on their property – £11,000 more than a year ago, and £87,000 more than in August 2019.

By comparison, former owner-occupiers paid £477,000 on average in August – 25.4% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices in Bath and North East Somerset in August – they dropped 0.7% in price, to £724,245 on average. But over the last year, prices rose by 1.1%.

Among other types of property:

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

Buyers paid 36.8% more than the average price in the South West (£321,000) in August 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 £293,000.

The most expensive properties in the South West were in Cotswold – £479,000 on average, and 9% in Bath and North East Somerset. Cotswold properties cost 2.1 times the price as homes in Plymouth (£225,000 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 August

Annual growth to August

Highest and lowest annual growth in the South West