The UK House Price Index data for August 2024 shows that, on average, house prices have risen 1.5% since July 2024, while there has been an annual price rise of 2.8% which makes the average property in the UK valued at £293,000.
Somerset house sales on average have also dropped as shown in UK House Price Index data.
According to the data, 688 properties were sold in Somerset in July 2023 compared to 360 properties in June 2024 – which is nearly half.
However, the main data which sticks out is the average house price increase in Somerset over the last year.
In September 2023, the average property price was £291,134, this fluctuated up and down over the last year – with the latest figures showing property prices are the highest they’ve been in over a year.
The average property price in Somerset was £293,721 in August.
London shows that on average, house prices increased by 2.2% since July 2024. This is an annual price fall of 1.4%, which takes the average property value to £531,000.
Last year, in terms of actual property sales in Somerset, detached properties were sold for an average of £526,510.
Terraced properties sold for an average price of £302,053, while semi-detached properties fetched £328,291.
Somerset, with an overall average price of £360,659 was more expensive than nearby Wiltshire (£337,516), but was cheaper than Bristol (County) (£387,743) and Dorset (£396,018). The priciest area within Somerset was Bathford (£851,048) and the least expensive was Ilchester (£189,459).
During the last year, sold prices in Somerset were 3% down on the previous year and 4% up on 2021 when the average house price was £346,165.
Estate agents are reporting a big increase in housing market activity as people respond to the recent cut in interest rates by the Bank of England.
One agent in Frome said they had recently experienced their “busiest day for three years”, back in August, with record numbers registering to buy and sell homes.
Will Parfitt has been selling homes in Frome for 26 years and now runs the Forest & Marble agency, handling sales and lettings in Somerset.
Will said: “We’ve already seen a lot more first-time buyers coming back into the market, and people are upsizing.
“These are all driven by lower interest rates and the confidence that they will stay that way.”
