House prices in Swindon are increasing faster than the South West average, offering a promising outlook for both sellers and those looking to invest.

In July, the average house price in Swindon hit £271,014, a healthy 2.2% jump from June. This impressive leap surpasses the average increase seen across the South West and even outpaces the UK’s overall growth of 0.6%.

Looking back over the past year, Swindon’s property market has truly flourished. The average house price has shot up by a remarkable £10,000, securing its position as the sixth-strongest performer among the 26 local authorities in the South West.

First-time buyers dig deep but reap the rewards

First-time buyers haven’t been deterred by the rising prices. In July, they splashed out an average of £233,700 to get their foot on the property ladder, a significant increase of £9,000 compared to the previous year. Interestingly, this figure is also £50,600 higher than in July 2019, highlighting the remarkable growth in Swindon’s property market over recent years.

Those who already own a home and are looking to climb the property ladder paid an average of £310,200 in July – 32.7% more than their first-time buyer counterparts.

Semi-detached properties steal the show

The real stars of the show in Swindon’s booming property market are semi-detached houses. In July alone, their value soared by 2.4%, reaching an average price of £302,110. This impressive monthly increase contributes to an even more remarkable annual growth of 5.1%.

Detached and terraced houses witnessed a respectable 2.2% monthly increase, while flats saw a healthy 2% rise.

Swindon: A bargain compared to the rest of the South West?

Despite the impressive price growth, Swindon still offers a more affordable alternative to other areas in the South West. The average house price in the region currently stands at £320,000, meaning buyers in Swindon enjoy a 15.4% discount compared to the regional average.