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House Prices 2016 factsheet
Published: March 2017
- House Prices 2016
Download this factsheet as a PDF
|
Area |
Sales |
Price |
||||
|
Total Sales |
Quarterly Change Q4 2016 (%) |
Annual Change |
Average House Price 2016 |
Quarterly Change Q4 2016 (%) |
Annual Change (%) |
|
|
Somerset |
10252 |
-20.2 |
-1.5 |
£237,895 |
-4.4 |
5.7 |
|
Mendip |
2036 |
-26.0 |
-2.3 |
£272,275 |
-4.3 |
12.0 |
|
Sedgemoor |
2105 |
-21.2 |
-2.9 |
£215,947 |
-5.3 |
4.8 |
|
South Somerset |
3031 |
-20.4 |
-4.2 |
£233,579 |
-3.4 |
4.6 |
|
Taunton Deane |
2389 |
-18.2 |
2.4 |
£233,047 |
-5.8 |
1.9 |
|
West Somerset |
691 |
-5.4 |
4.9 |
£239,149 |
-0.4 |
6.0 |
|
England & Wales |
865628 |
-17.7 |
-5.3 |
£281,173 |
-2.1 |
3.4 |
Source: Land Registry (average prices and volumes of sales)
The average house price in Somerset during the fourth quarter of 2016 was £237,476 an increase of 6% on the previous year and a fall of 4.4% on the previous quarter. Mendip had the highest price of all the districts at £269,662 (Q4).
Help to Buy Equity Loan Scheme (April 2013 to 30th Sept 2016)
Number of completed equity loans
|
Area |
Total Equity Loans |
% of Somerset |
% of England |
Total value of equity loans |
|
Mendip |
249 |
15.6 |
0.2 |
£11,020,197 |
|
Sedgemoor |
448 |
23.6 |
0.4 |
£16,681,875 |
|
South Somerset |
319 |
18.2 |
0.3 |
£12,865,076 |
|
Taunton Deane |
658 |
41.8 |
0.6 |
£29,505,607 |
|
West Somerset |
12 |
0.7 |
0.0 |
£481,083 |
|
Somerset |
1,686 |
|
1.5 |
£70,553,838 |
|
Heart of the South West |
4,381 |
|
4.1 |
£192,630,850 |
|
England |
100,284 |
|
|
£4,643,252,743 |
Source: www.gov.uk
During the forty two months of the Help to Buy: Equity Loan scheme 100,284 properties where bought in England, of which 1.5% were in Somerset.
Affordability
House prices in Somerset are high in relation to earnings. Within Somerset, all the districts have median ratios higher than the County. The lower quartile house prices, West Somerset has the highest with 10.19 times greater than the lower quartile earnings.
In 2016 Q4 property sales were greatest in South Somerset with over 600 properties sold, of which 33% were detached. West Somerset had the smallest number of sales with nearly 200 over the same period. The average property price in West Somerset was £250,927
The median monthly rent recorded between 1 October and 30 September 2016 in Somerset was £600, compared to £650 in England. Mendip had the highest median monthly rent at £625, and Sedgemoor had the lowest with £575.
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Did you know?
Life expectancy is 80.5 (+-0.3yrs) years for men and 84.3 (+-0.3yrs) years for women in Somerset which is higher than national averages. - Life Expectancy