House prices dropped by 0.7% – more than the average for the South West – in North Somerset in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.9% over the last year.

The average North Somerset house price in July was £334,932, Land Registry figures show – a 0.7% decrease on June.

Over the month, the picture was different to that across the South West, where prices decreased 0.2%, and North Somerset was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in North Somerset rose by £6,300 – putting the area ninth among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in the Forest of Dean, where property prices increased on average by 5.9%, to £321,000. At the other end of the scale, properties in West Devon lost 3.1% of their value, giving an average price of £312,000.

First steps on the property ladder

First-time buyers in North Somerset spent an average of £271,600 on their property – £4,200 more than a year ago, and £58,700 more than in July 2018.

By comparison, former owner-occupiers paid £380,800 on average in July – 40.2% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in North Somerset in July – they dropped 1% in price, to £195,420 on average. But over the last year, prices rose by 1.1%.

Among other types of property:

  • Detached: down 0.6% monthly; up 2.8% annually; £540,053 average
  • Semi-detached: down 0.7% monthly; up 1.7% annually; £350,973 average
  • Terraced: down 0.6% monthly; up 1.2% annually; £273,803 average

How do property prices in North Somerset compare?

Buyers paid 3.5% more than the average price in the South West (£324,000) in July for a property in North Somerset. Across the South West, property prices are higher than those across the UK, where the average cost is £290,000.

The most expensive properties in the South West were in Cotswold – £482,000 on average, and 1.4 times the price as in North Somerset. Cotswold properties cost 2.2 times the price as homes in Plymouth (£223,000 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 July

  • North Somerset: £334,932
  • The South West: £323,713
  • UK: £289,824

Annual change to July

  • North Somerset: +1.9%
  • The South West: -1%
  • UK: +0.6%

Highest and lowest annual growth in the South West

  • The Forest of Dean: +5.9%
  • West Devon: -3.1%