The Property Market in the South West UK
After some pretty torrid times for homeowners in South West England, there is a lot of positivity in the region now. According to data released by the Nationwide Building Society, the average house price in the South West is now around £220,000, which represents a 5.1 percent increase between August 2014 and August 2015.
And there was yet more good news for South West homeowners during 2015 – from France-based BNP Paribas Real Estate. They are predicting that house price growth in the region will be higher than anywhere in the UK between 2016 and 2019 – including London. By the end of the decade, property values could have increased by up to 40 percent, thanks to a growing economy and a shortage in supply.
Some of the strongest growth in average house prices has been witnessed in Bristol – where rises between seven and 10 percent have been recorded during 2015. And despite an upcoming hike in stamp duty, many property analysts are predicting equally as strong growth for Bristol during 2016. The average house price in the centre of the city was around £250,000. This is particularly impressive due to the fact that it was just £210,000 in 2012. Across the city, Hometrack estimates that the average price of a house in Bristol was £235,000 at the end of 2015. And with a dearth of houses for sale in Bristol, homeowners can look forward to further hikes in the coming years.
Despite already relatively high house prices, property value growth in Bath has been exceptional since 2013. The Bath Chronicle recently reported that house prices in Bath rose by nearly three percent during the first half of 2015. However, in other areas of the city such as Combe Down, Bathwick and Widcombe, the rate of growth was as much as 7.5 percent. There was also a huge increase in the number of buyers in the Bath property market.
But not everywhere in South West England enjoyed such a huge rate of house price growth during 2014 and 2015. According to the Nationwide Building Society, Plymouth was one of the weakest performing cities in the UK where house prices are concerned. During the 12 months to June 2015, the average cost of a house remained unchanged.
House prices in the likes of Exeter, Cheltenham, Gloucester, Weymouth and Weston-super-Mare are rising rapidly at the moment, which is obviously great news if you are planning to sell a house in the South West over the coming months.