North East Somerset saw the largest increase in property values over the last year of anywhere in the UK. 

The new analysis, by online estate agent Purplebricks, has revealed that the Bath and North East Somerset region has seen home values rise by more than any other region between May 2023 and 2024. 

The average increase in property value in Bath and North East Somerset was 10 per cent, translating to a money value of £44,910. 

This is compared to the UK average increase of £6,000 over the last year, or an average of 2.2 per cent.

The region was also one of the biggest risers when looking at month-on-month prices, with an increase of 5.1 per cent (£22,904), the fifth biggest increase in the UK. 

Average UK house prices increased by 1.2 per cent or approximately £3,420 from April to May - the sixth consecutive rise - making the average property now valued at £285,000.  

Purplebricks CEO Sam Mitchell said: “Homeowners appear reassured by the arrival of the new government, and the stability that brings to the market.

“Things will only get more positive if Labour makes early progress on their pledge to build 1.5 million new homes. That influx of new properties will help first-time buyers get their first foot on the ladder, in turn creating movement across the entire market.    

“Early indications already suggest demand is returning to market after a period of hesitancy while the general election and Euros were on. Interest rates are also being cut in anticipation of a Bank of England rate cut in August or September.”