House prices increased by 1.2% – more than the average for the South West – in North Somerset in August, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.7% over the last year.

The average North Somerset house price in August was £331,545. Land Registry figures show a 1.2% increase on July.

Over the month, the picture was different to that across the South West, where prices increased 0.3%, but North 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 North Somerset rose by £12,000 – putting the area third 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 North Somerset spent an average of £273,000 on their property – £11,000 more than a year ago, and £54,000 more than in August 2019.

By comparison, former owner-occupiers paid £372,000 on average in August – 36.5% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in North Somerset in August – they increased 1.6%, to £196,668 on average. Over the last year, prices rose by 2.3%.

Among other types of property:

How do property prices in North Somerset compare?

Buyers paid 3.4% more than the average price in the South West (£321,000) in August for a property in North 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 1.4 times the price as in North 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