Published: July 2015
Area | Total sales (Q2 2013) | Median price (Q2 2013) | Quarterly change | Annual change | Lower quartile price (Q2 2013) | Quarterly change | Annual change |
---|---|---|---|---|---|---|---|
Somerset | 1,860 | £173,570 | 0.90% | -3.60% | £136,000 | 1.50% | -1.40% |
Mendip | 411 | £182,500 | 2.80% | 1.70% | £148,000 | 2.10% | 0.00% |
Sedgemoor | 437 | £165,000 | 3.10% | -2.90% | £125,000 | 0.00% | 0.00% |
South Somerset | 521 | £172,000 | 1.20% | -8.00% | £135,000 | 6.30% | 0.00% |
Taunton Deane | 384 | £174,500 | -3.00% | -7.20% | £139,975 | 1.40% | -4.10% |
West Somerset | 107 | £175,000 | -7.70% | -5.40% | £135,000 | -1.80% | 1.50% |
England | 164,326 | £184,000 | 2.20% | 1.10% | £125,000 | 0.00% | 0.00% |
Source: Sales – Land Registry, prices – Department for Communities and Local Government, Tables 582 & 583
(https://www.gov.uk/government/statistical-data-sets/live-tables-on-housing-market-and-house-prices)
Source: Department for Communities and Local Government, Tables 576 & 577
In the second quarter of 2013, the median house price in Somerset was £173,570, an increase of 0.9% on the previous quarter but a decrease of 3.6% on the previous year. Mendip had the highest median price of all the districts at £182,500.
Somerset’s lower quartile price for the same period was £136,000, 8.8% higher than the England figure.
Number of completed equity loans
May 2014 | % of Somerset | % of LEP | % of England | |
---|---|---|---|---|
Somerset | 390 | 41.0% | 1.7% | |
Mendip | 53 | 13.6% | 5.6% | 0.2% |
Sedgemoor | 107 | 27.4% | 11.2% | 0.5% |
South Somerset | 87 | 22.3% | 9.1% | 0.4% |
Taunton Deane | 141 | 36.2% | 14.8% | 0.6% |
West Somerset | 2 | 0.5% | 0.2% | 0.0% |
Heart of the SW LEP | 952 | 4.2% | ||
England | 22,831 |
Source: Department for Communities and Local Government, Help to Buy scheme monthly statistics
Since its launch on 1 April 2013, 390 equity loans have been completed in Somerset under the Government ‘Help to Buy’ scheme. The majority of these were in Taunton Deane (141) and Sedgemoor (107). Across the LEP area, there have been 952 loans so far under Help to Buy.
Source: DCLG Table 577 (No data for West Somerset)
Source: DCLG Table 576
House prices in Somerset are high in relation to earnings. The median house price in Somerset is 7.2 times the median earnings in the County, compared to 6.7 times for England as a whole. Within Somerset, Mendip and Sedgemoor have median ratios higher than the County (7.8 to 1 and 7.3 to 1 respectively). Lower quartile house prices in Somerset are 7.5 times greater than lower quartile earnings. This ratio is highest in West Somerset (9.2 to 1) and Mendip (8.4 to 1), indicating significant difficulties for first-time buyers in their ability to purchase a property.
Source: House Price Statistics for Small Areas (2015)
In 2014 property sales were greatest in South Somerset with over 3,000 properties sold, of which over 1,000 properties were detached.
West Somerset had the smallest number of sales with only 647 over the same period (2013-2014). The average property price in West Somerset in 2014 was £200,000.
The number of people aged 80 and over in Somerset is estimated to have increased by a quarter since the 2001 Census. In 7 electoral wards, more than 10% of residents are now in this age group. - 2011 Census