House prices in Bath and North East Somerset have experienced a notable decline over the past year, while other parts of Somerset are witnessing price increases. According to the latest Land Registry data for the 12 months ending March, the average home in Bath and North East Somerset now costs £397,827. This marks a 1.8% decrease, translating to an average drop of £7,471 per property.
In contrast, the Somerset Council area saw a price rise of 3.8%, with the average home value increasing by £10,251 to £279,802. Similarly, North Somerset Council properties rose by 5.1%, an increase of £15,227, reaching an average price of £313,487.
Nationally, the UK housing market is on an upward trend. The average home price rose by £16,333 over the last year, reaching £271,415 — a 6.4% increase. However, this growth is uneven across the country. The Shetland Islands stand out as the UK’s property hotspot, where prices surged 18.2%, adding £35,358 to the average home price of £194,305.
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Other hotspots include Blackburn with Darwen and North East Derbyshire, both recording 16.9% price rises. Blackburn’s average house price climbed by £23,395 to £138,142, while North East Derbyshire saw an increase of £37,249, with homes now averaging £219,968.
Meanwhile, 30 council areas across the UK have experienced a decrease in average house prices within the last year. London has endured some of the steepest drops. The City of London saw prices plunge by 20.7%, a reduction of £186,985, bringing the average home price to £905,448. Westminster followed closely with a 20.1% decrease, amounting to £227,050 less and an average price of £1.1 million.
Other London boroughs also saw significant declines: Kensington and Chelsea’s house prices fell by 15.1% (a £212,043 decrease), Hammersmith and Fulham by 13.2% (£110,998), and Islington by 8.2% (£58,741).
For first-time buyers, costs have risen across the UK. In England, the average cost to purchase a first home increased by 7.7%, reaching £249,763 — an extra £17,960 compared to the previous year. Wales and Scotland also saw increases, with prices for first-time buyers rising by 4.6% (£179,665) and 4.1% (£152,276), respectively.