Weston-super-Mare house prices soar by more than 30 per cent
PUBLISHED: 09:00 31 October 2016
House prices in Weston have risen dramatically in the past decade, a study has shown.
Research carried out by Barclays Mortgages and the Centre for Economics and Business Research shows prices have risen by 33 per cent in the past 10 years.
This mirrors trends across the south of England where steep rises are widely reported, but falls below areas showing the fastest acceleration. Outside of London, Cambridge has shown the steepest growth of 66 per cent.
In Weston, the increase means you would already pay £45,000 more for a three-bedroom semi-detached house than you would have done in 2006.
The study calculated the change by taking the average house size and price and working out the cost of a single brick. The average price of a single Weston brick has risen from £35.70 in 2006, to £47.44 today.
In the past year alone an 8.2 per cent rise in house prices was recorded by the Office of National Statistics.
Director David Powell, from Mayfair estate agents, said: “I have been an agent in Weston for over 15 years now and in the past 10 years I have seen the average modern three bedroom semi-detached home increase from £145,000, now selling in the region of £190,000.”
There are still a large number of people who want to live in and around Weston despite high house prices.
Director of Farrons, Andrew Farron, added: “People are moving out of London and into the wider area.
“We live in a desirable location, with good communication and transport links. The general area is more loosely populated with more room to move around.”
Mr Powell said plenty of investors retain an interest in Weston’s housing market despite rising prices.
He added: “What is good to see is the increase in first-time buyers coming to the market, supported by some of the deals offered by new homes.”
Development of villages like Locking Castle, St Georges, Weston Village and Haywood Village demonstrate the area’s popularity.
Mr Powell said: “With further development on the cards, I am optimistic the market will continue to be a positive area to invest.”