North Somerset house prices increase by up to £45k in 12 months
PUBLISHED: 07:28 18 July 2017 | UPDATED: 07:28 18 July 2017
House prices have rocketed in North Somerset by up to £45,000 in the past year, as buyers priced out of the Bristol market turn to the district as it becomes 'a more desirable place to live'.
Figures from the Office for National Statistics have revealed North Somerset has seen ‘massive’ growth in house prices in recent months.
From quarter four of 2015 to quarter four 2016 the average price of a detached home has boomed from £356,577 to £391,743.
Over the same period the average price of semi-detached and terraced properties has risen by around £20,000 – while the average cost of a flat or maisonette is up by £14,000.
A Weston-super-Mare estate agent believes the Bristol housing market is having an impact on prices in the town.
Daniel Livesey, branch manager of Palmer Snell in the Boulevard, said: “I think it’s the Bristol market, with people coming down here and paying a bit more than a local buyer would.
“They’ve got more money to spend. They have probably sold a house and can see they can get a better property for less money if they come down here, so prices have increased.
“Maybe they have been priced out of their local market. They may not be prepared to pay those prices anymore so they have come down to Weston.
“A four-bed detached house is one of the styles of houses that have made the biggest jump.
“At the middle of last year they were asking for £250,000, now you’re looking at £300,000-320,000 for the same type of house – that’s a massive jump in value.”
Mr Livesey forecasts prices will continue to increase.
He added: “A good friend of mine works in one of our Bristol offices and he is still seeing property prices increase really quickly and I think Weston will always follow in behind that because we are so close and it’s an easy commute.
“I think Bristol buyers 10 years ago would come down and look at Weston as not a desirable place to live, but with everything that’s going on people are seeing it as a good place to set up.”