House prices increased by  2% – more than the average for the South West – in Cotswold in August, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 2.5% annual decline.

The average Cotswold house price in August was £479,329. Land Registry figures show a 2% increase on July.

Over the month, the picture was different to that across the South West, where prices increased 0.3%, and Cotswold was above the 1.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Cotswold fell by £12,000 – putting the area 23rd among the South West’s 26 local authorities with price data for annual growth.

The highest annual growth in the region was in West Devon, where property prices increased on average by 4%, to £317,000. At the other end of the scale, properties in Torridge lost 6.7% of their value, giving an average price of £281,000.


First steps on the property ladder

First-time buyers in Cotswold spent an average of £361,400 on their property – £6,500 less than a year ago, but £60,800 more than in August 2019.

By comparison, former owner-occupiers paid £532,700 on average in August – 47.4% more than first-time buyers.

 

Property types

Owners of flats saw the biggest rise in property prices in Cotswold in August – they increased 2.6%, to £218,584 on average. Over the last year, prices dropped by 2.5%.

 

Among other types of property:

Detached: up 1.4% monthly; down 3.7% annually; £710,135 average Semi-detached: up 2.1% monthly; down 1.6% annually; £439,968 average Terraced: up 2.6% monthly; down 1.5% annually; £382,955 average

 

How do property prices in Cotswold compare?

Buyers paid more for properties in Cotswold than anywhere else in the South West in August. The average price paid would buy 2.1 homes in Plymouth (£225,000), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Across the South West, property prices are higher than those across the UK, where the average cost is £293,000.

 

Factfile:

Average property price in August

Cotswold: £479,329The South West: £320,774UK: £292,924Annual change to August

Cotswold: -2.5%The South West: +0.8%UK: +2.8%Highest and lowest annual growth in the South West

West Devon: +4%Torridge: -6.7%