House prices in North Somerset continue to rise despite Brexit looming.
PUBLISHED: 08:00 28 February 2019
© I-Wei Huang, All Rights Reserved
The average price of a home in North Somerset has risen by more than five per cent in the past year, with experts saying a shortage of properties and an increasing number of people moving from more-expensive Bristol is to blame.
According to new Land Registry data the average price of a house in the district rose from £251,553 in 2017 to £263,383 in 2018 – a 5.5 per cent increase, which is more than double the national average of 2.6 per cent.
Meanwhile house prices in Sedgemoor have risen by 4.4 per cent in the past year, with an average increase of £9,927.
Estate agents claim business has remained brisk despite Brexit looming as buyers are prepared to weather a potential short-term loss on their long-term investment.
Agents also reported an increase in buyers from Bristol, with professionals moving out of the city to get more for their money despite the commute.
Paul Delaney, branch manager at Ocean Estate Agents said: “Over the past few months there has been a lack of properties on the market which has meant buyers have fewer choices which has driven prices up.
“However, where some have gone up others have gone down, with fewer first-time buyers investing, new developments in the area have taken a hit, but good quality houses have continued to do well.
“We have to see what happens next month with Brexit but at the moment we need more properties.”
Matt Jakeman, sales manager at Cooke and Co Estate Agents in Worle added: “With Brexit on the horizon it has been surprising how busy we have been.
“People still need to move and want to get on the property ladder and since it’s a long-term investment it seems people are happy for the price to go down at first but are confident it will go up in the long term.”
Mr Jakeman has been dealing with a lot of buyers coming from Bristol.
He said: “Traffic in Bristol is a big factor as many find despite living in the city it can still take 30-40 minutes to reach work.
“It’s rare for people to have their work on their doorstep and most are more than happy to commute and because it is so easy to get to Bristol from outside the city a lot of people are choosing to spend an hour a day travelling to work and saving £40-50,000 by buying a two-bedroom house outside of the city centre.”