The cost of buying a home has continued to increase across Gloucestershire, with one council area being one of the UK’s property hotspots. The average house price in our county was £341,833 in the 12 months to October, according to the latest figures from the Land Registry.
That’s an increase of 3.4% compared to a year earlier, equivalent to an extra £11,254 on each home. That’s equal to the UK average, with prices rising by 3.4% over the last year to £292,059.
One area in our region though has the second largest percentage increase in the country. Tewkesbury has seen the average cost of buying a home there increase by 12.6% over the last 12 months. The average house price there is now £368,442, which works out as an extra £41,278 on each home. Only the Shetland Islands has seen a larger increase in the UK. The average house price there is £225,587. That’s 28.2% higher than a year earlier and works out as an extra £49,601 per house.
Cheltenham has seen the next largest rise in our county. The average home there cost £347,787 in the year to October. That’s 4.4% higher than a year earlier and works out at £14,718 extra per home. Forest of Dean now has an average house price of £303,868 which is an increase of 3.4%. Cotswold has seen prices increase by 1.4% as has Gloucester
Only one council area in Gloucestershire has seen prices fall over the last 12 months. The average home in Stroud cost 1.3% less in October of this year compared to 2023.
You can see how prices have changed in your local area by using our interactive map:
Prices are falling in many areas though, with parts of London experiencing the biggest drops in the country. The average home in Kensington and Chelsea cost over £1.1 million in the year to October.
That’s a fall of £285,480 per house compared to a year earlier, which works out as a drop of 20.3% and is the largest of any local authority in the UK. The City of London has seen the next largest drop with homes costing 18.3% less than a year earlier, equivalent to £160,166 per house. Hammersmith and Fulham has the next largest drop at 10.5%, equivalent to £86,825 per home.
North Devon has seen the next largest fall in average prices at 7.8%, followed by Camden with a drop of 6.2%, Gwynedd with a drop of 5.1%, the Isle of Wight with a drop of 5.0%, Islington with a drop of 4.9% and the City of Westminster with a drop of 4.4%.
Manchester – often seen as the North’s property hotspot with skyscrapers popping up all over the city – has also seen a drop in average prices.
The average house in the city cost £253,061 in the year to October according to the Land Registry data. That’s a drop of 2.3% compared to a year earlier, equivalent to each house costing £5,981 less.