NEW figures have shown a drop in house prices in the Sedgemoor area.

However the slight of 0.3%, in April, does not reverse the longer-term trend, which has seen property prices in the area achieve 11.1% annual growth.

The average Sedgemoor house price in April was £250,088, Land Registry figures show – a 0.3% decrease on March.

Over the month, the picture was better than that across the South West, where prices decreased 2.3%, and Sedgemoor outperformed the 1.9% drop for the UK as a whole.

Over the last year, the average sale price of property in Sedgemoor rose by £25,000 – putting the area 12th among the South West’s 32 local authorities for annual growth.

Winners and Losers

Owners of flats fared worst in Sedgemoor in April – they dropped 0.4% in price, to £126,892 on average. But over the last year, prices rose by 7.9%.

Among other types of property

Detached: down 0.3% monthly; up 11.8% annually; £385,901 average

Semi-detached: down 0.3% monthly; up 11.1% annually; £246,962 average

Terraced: down 0.1% monthly; up 11.4% annually; £193,294 average

First steps on the property ladder

First-time buyers in Sedgemoor spent an average of £207,000 on their property – £20,000 more than a year ago, and £45,000 more than in April 2016.

By comparison, former owner-occupiers paid £274,000 on average in April – 32.8% more than first-time buyers.

How do property prices in Sedgemoor compare?

Buyers paid 10.7% less than the average price in the South West (£280,000) in April for a property in Sedgemoor.

Across the South West, property prices are roughly the same as those across the UK, where the average cost £251,000.

The most expensive properties in the South West were in the Cotswolds – £414,000 on average, and 1.7 times as much as in Sedgemoor.

The Cotswolds properties cost 2.2 times as much as homes in Plymouth (£189,000 average), at the other end of the scale.

Factfile

Average property price in April

Sedgemoor: £250,088

The South West: £279,951

The UK: £250,772

Annual growth to April

Sedgemoor: +11.1%

The South West: +9.1%

The UK: +8.9%

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