The Land Registry’s latest figures show that the average house price in the Somerset Council area has increased by 0.8% over the last year, reaching £294,078. This is well below the UK average increase of 3.4%, where prices rose to £292,059.
However, some areas within Somerset have seen more substantial growth. Bath and North East Somerset saw a 1.9% increase in average house prices, reaching £439,714, while North Somerset experienced a 3.7% growth, with the average home now costing £335,584.
Meanwhile, the UK property hotspot is the Shetland Islands, witnessing a 28.2% increase in average house prices over the year, reaching £225,587.
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On the flip side, parts of London are experiencing significant drops in house prices, with Kensington and Chelsea witnessing a 20.3% decrease and the average home costing over £1.1 million in the year to October.
Even Manchester, often considered the North’s property hotspot, has seen a 2.3% drop in average house prices, with each house costing £5,981 less.