House prices in Somerset are exhibiting contrasting trends, with declines in some areas and rises in others. Recent data from the Land Registry reveals that the average home price in Bath and North East Somerset fell by 1.8% over the 12 months to March 2024, dropping from £405,298 to £397,827 — a decrease of approximately £7,471 per property.
Conversely, other parts of Somerset have seen house prices increase. The Somerset Council area recorded a 3.8% rise, with the average home price reaching £279,802, up by £10,251. North Somerset Council experienced an even larger increase of 5.1%, with average prices climbing to £313,487, up £15,227.
These local fluctuations occur against a backdrop of rising house prices across the UK. Nationally, the average cost of a home rose by 6.4% in the past year, increasing by £16,333 to £271,415.
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Regional variations continue across the country. The Shetland Islands led the market with an 18.2% surge, raising average prices by £35,358 to £194,305. Blackburn with Darwen and North East Derbyshire also saw significant growth of 16.9%, with average prices reaching £138,142 and £219,968 respectively.
Despite rises in many areas, 30 council regions experienced price declines over the past year, with London’s boroughs suffering the steepest drops. The City of London saw house prices plunge by 20.7%, falling by £186,985 to an average of £905,448. Westminster followed closely with a 20.1% decrease to £1.1 million, a £227,050 reduction. Kensington and Chelsea and Hammersmith and Fulham also recorded significant falls of 15.1% and 13.2%, respectively, while Islington saw an 8.2% decrease.
First-time buyers have also faced rising costs nationwide. In England, the average price for a first home increased by 7.7% to £249,763 in the 12 months to March, meaning buyers needed nearly £18,000 more compared to the previous year. Wales and Scotland recorded smaller increases of 4.6% and 4.1%, with average first-time buyer prices of £179,665 and £152,276 respectively.
The varied landscape of house prices across Somerset and the UK highlights the complexity of the current property market, with significant regional differences shaping buyer and seller experiences.