The UK property market has been a hot topic for a while now, with many people wondering how the fluctuations in house prices will impact their own financial situation. A recent analysis by Pinerock Finance on data just released by the Land Registry has shed some light on what's been happening in the South West region of the UK.
According to the data, the average residential house price in the South West in January was £318,000. While this is up from December's average of £310,000, it's still down from the recent high of £320,000 in October. This represents a change of -0.6% from the October peak, but an overall increase of 10.4% from the average price of £285,000 12 months ago.
When we look at the changes in average values for different property types between December and January, we see that detached homes increased from £465,000 to £490,500, while semi-detached homes decreased slightly from £315,000 to £313,750. Terraced homes increased from £267,500 to £281,500, and flats increased from £190,000 to £195,000.
Taking a broader view, the average residential house price in England and Wales in January was £275,275, down from December's average of £280,000, a change of -1.69%. The recent high of £290,000 in September represents a change of -5.3% from the current price.
Looking at individual areas in the South West, we see that Bristol's average residential house price in January was £330,000, down from December's average of £347,000, a change of -4.90%. Compared to the recent high of £365,106 in November, the current price represents a change of -10.6%. However, the average price 12 months ago was £321,000, a difference of 2.7%.
In Bournemouth, the average residential house price in January was £350,750, up from December's average of £316,500, a change of 10.82%. The average price 12 months ago was £263,825, a difference of 24.8%.
Cheltenham's average residential house price in January was £281,768, down from December's average of £325,000, a change of -13.30%. Compared to the recent high of £360,000 in August, the current price represents a change of -27.8%. The average price 12 months ago was £300,000, a difference of -6.5%.
In Gloucester, the average residential house price in January was £255,000, down from December's average of £272,750, a change of -6.51%. Compared to the recent high of £277,500 in August, the current price represents a change of -8.8%. The average price 12 months ago was £250,000, a difference of 2%.
Finally, in Plymouth, the average residential house price in January was £239,500, up from December's average of £217,500, a change of 10.11%. Compared to the recent high of £240,000 in August, the current price represents a change of -0.2%. The average price 12 months ago was £197,250, a difference of 17.6%.
Overall, the UK property market is experiencing falling prices, which is making buyers reluctant to enter into property buying negotiations. However, there is some optimism for the next few months, as it's believed that interest rates are near the end of their climb. Despite this, it's important for buyers to keep an eye on the market and make informed decisions