HOUSE prices increased by 3.2% – more than the average for the South West – in Stroud in July, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 17.9% annual growth.
The average Stroud house price in July was £346,717, Land Registry figures show – a 3.2% increase on June.
Over the month, the picture was better than that across the South West, where prices increased 2.7%, and Stroud outperformed the 2% rise for the UK as a whole.
Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.
But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.
Over the last year, the average sale price of property in Stroud rose by £53,000 – putting the area fifth among the South West’s 29 local authorities with price data for annual growth.
The best annual growth in the region was in South Hams, where property prices increased on average by 20.8%, to £427,000.
At the other end of the scale, properties in the Forest of Dean gained just 9.9% in value, giving an average price of £298,000.
Winners and Losers
Owners of semi-detached houses saw the biggest improvement in property prices in Stroud in July – they increased 3.4%,
to £330,289 on average. Over the last year, prices rose by 18.7%.
Among other types of property:
Detached: up 3.1% monthly; up 19.3% annually; £542,623 average
Terraced: up 3.3% monthly; up 16.9% annually; £264,562 average
Flats: up 3% monthly; up 11.6% annually; £170,119 average
First steps on the property ladder
First-time buyers in Stroud spent an average of £269,000 on their property – £39,000 more than a year ago, and £53,000 more than in July 2017.
By comparison, former owner-occupiers paid £391,000 on average in July – 45.7% more than first-time buyers.
How do property prices in Stroud compare?
Buyers paid 4.9% more than the average price in the South West (£330,000) in July for a property in Stroud.
Across the South West, property prices are higher than those across the UK, where the average cost £292,000.
The most expensive properties in the South West were in Cotswold – £493,000 on average, and 1.4 times as much as more than in Stroud. Cotswold properties cost 2.2 times as much as homes in Plymouth (£224,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in July
South West: £330,414
Annual growth to July
South West: +20.7%
Best and worst annual growth in the South West
South Hams: +20.8%
The Forest of Dean: +9.9%