Latest prices in South West for Detached properties
The latest figures show that the average price for a Detached property in South West has now reached £495,897 as of Feb 2024. This value is based upon the average value of completed property transactions in the month of February.
Average prices for a Detached property have increased substantially over the longer term in South West. Back in January 1995, prices for this type of property averaged £87,929 based on sales at the time. Fast forward to January 2024, and averages reached £498,081 - representing a growth of 466% over 29 years.
This substantial triple-digit percentage rise in Detached property values far outpaced broader inflation over the same period. Rising household incomes, strong local economy, high demand and constrained supply all likely contributed to the steep price inflation seen for Detached homes in South West over the past 3 decades.
Our data is sourced directly from HM Land Registry and their UK House Price Index report. This dataset is updated several times a year and we always attempt to have the most up to data information available.
The UK HPI uses sales data collected on residential housing transactions, whether for cash or with a mortgage. Properties have been included in England and Wales since January 1995, in Scotland since January 2004, and in Northern Ireland since January 2005, Data is available at a national and regional level, as well as counties, local authorities and London boroughs.
Detached prices in South West over the last 12 months
Date
Price
Apr 2023
£518,888
Apr 2023
£518,888
May 2023
£511,459
Jun 2023
£516,456
Jul 2023
£518,046
Aug 2023
£529,633
Sep 2023
£523,079
Oct 2023
£523,833
Nov 2023
£498,706
Dec 2023
£488,201
Jan 2024
£498,081
Feb 2024
£495,897
Recent trends for prices in South West
The latest figures from February 2024 indicate the property market in South West continues to show rising price trends. Compared to January, 2024, average prices increased by 0.5% to £316,834. On an annual basis, average property prices have decreased -0.4% since 12 months ago.
In terms of sales activity, there were 3091 residential property transactions completed in South West during February, 2024. Of these purchases, 1165 were financed with a mortgage while 882 were all-cash sales. For cash buyers, average prices have changed by -0.1% since January, 2024, coming in at around £310,467. For properties purchased with a mortgage, the average price changed by 0.9% since January, 2024, to £320,897.
Compared to the overall picture in its national parent England, the average property price in South West are higher than the current national average of £297,735. While South West saw a change of 0.5% over the last month, England as a whole recorded a percentage change of 0.6% in average property values. And on an annual basis, prices across England have contracted by -1.1%, less than the -0.4% yearly change seen in South West.
Interested in purchasing a property in South West? Use our Monthly Mortgage Cost Calculator to see how much a property may cost you per month. This tool is for illustrative purposes only and does not constitute financial advice.
Average price in South West by housing type
Prices last recorded in February, 2024
average
£316,834
detached
£495,897
flat
£193,082
semi-detached
£330,201
terraced
£265,847
Prices by housing type in South West
Recent data shows that price growth has varied across different property types in South West over the last year. For terraced houses, property prices changed by 0.2% between February 2024 and January 2024 to reach £265,847, and changed by -0.8% over the last 12 months. The annual change was less than the -1.7% change seen for terraced homes in England overall.
Meanwhile, semi-detached properties saw a rise in average prices locally, taking them to £330,201 in January 2024. This represents a 0.4% change from the same month last year.This is outperforming the 0.2% annual change in semi-detached values across the country.
Detached homes in South West gained 0.2% month-over-month to reach an average of £495,897. Annually, detached property values have changed by -0.5%. This is weaker price growth compared to England's -0.5% change for detached houses over the year.
For apartments and flats, average prices increased by 1.7% between February and January 2024, hitting £193,082. Over the last 12 months, apartment values have changed by -1.1%, surpassing England's flat and apartment growth rate of -2.8%.
Overall, semi-detached properties have seen the strongest price momentum locally over the past year, with a change of 1%, while flat properties lagged, with a change of -1.1%.
Recent purchases in South West
According to data from HM Land Registry, there were 3091 completed property purchases in the area of South West in February 2024. Of these sales, 882 were recorded as cash purchases whilst 1165 were purchased using a mortgage. Compared to this time 12 months ago, the percentage of properties purchased using a mortgage has changed by -0.1% and the percentage of properties purchased with cash has changed by -0.8%.
The number of cash and mortgage purchases may not match the recorded number due to exclusions listed on the gov.uk website
Looking for a specific property type?
Use one of the following links to find more specific information about the type of property you're looking for in south-west.
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