The latest figures from the UK House Price Index show that the average Somerset property is now worth £293,721. That’s a jump of 1.5% since July and a considerable 2.8% increase compared to this time last year.
This surge in house prices is fantastic news if you’re thinking of selling your home in Somerset. However, for those looking to buy, it means you’ll need even deeper pockets.
Despite the price surge, the number of homes actually being bought and sold has taken a tumble. In July 2023, 688 lucky buyers bagged themselves a new home in Somerset. Fast forward to June 2024, and that number almost halved to just 360.
Detacheds Still Top the Charts
Looking at the types of homes changing hands, detached properties still reign supreme in Somerset. The average price tag? A cool £526,510.
If a detached is out of reach, a terraced property will set you back around £302,053, while a semi-detached comes in at £328,291.
How does Somerset compare to its neighbours?
Compared to nearby areas, Somerset sits comfortably in the middle. We’re slightly pricier than Wiltshire, where the average house price is £337,516, but more affordable than Bristol (County) and Dorset, with average prices of £387,743 and £396,018 respectively.
Within Somerset, the most expensive postcode is Bathford, where you’ll need a cool £851,048 to call it home. At the other end of the scale, Ilchester offers the most affordable properties, with an average price of £189,459.
A Look Back in Time
To put things into perspective, Somerset house prices have taken a bit of a rollercoaster ride over the past few years. Compared to last year, prices are down by 3%. However, cast your minds back to 2021, and you’ll remember the average house price was £346,165.
Could interest rate cuts bring buyers back?
The recent cut in interest rates by the Bank of England has got estate agents buzzing. They’re reporting a surge in activity as eager buyers try to make the most of the cheaper borrowing costs.
So, what does the future hold for the Somerset property market? Only time will tell!