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South West England Property Market 2016

Story Highlights

  • South West had total property sales of £31 Billions in 2016
  • Across its counties the property sale was maximum in Devon at £4.43 Billions
  • The number of properties sold in South West was 109,500 properties.
  • The average sales price in South West was £280 K, while median was £225 k.
  • The average sales price across counties was maximum in Bath And North East Somerset at £410 K
  • New properties contributed 8.13% and not new property contributed 91.87% by value
  • Stamp duty hike caused monthly spike in March
  • Brexit coupled with Stamp Duty did not have negative impact on South West England property market 2016

 

South West England is one of the 9 principal areas of England. It comprises of Bath and North East Somerset, North Somerset, Bristol, South Gloucestershire, Gloucestershire, Swindon, Wiltshire, Dorset, Poole, Bournemouth, Somerset, Devon, Torbay, City Of Plymouth, Isles of Scilly, Cornwall.

 

Total Sales By County

South West England - Total Sales By County

South West had total property sales of £31 Billions. It contributed 10.31% of the England and Wales Property Market 2016 

The total sales of £31 billions in 2016 was split across its counties as above.

 

Year on Year Comparison : Compared to South West England Property Market 2015  in 2016

  • All the counties had growth in total sales except Swindon, Torbay

 

Total Value of Sales By Property Types

South West England - Total Value of Sales By Property Types

The split of £31 Billions across the different property types was :

  • Detached at £11.45 billions (37.34%)
  • Terraced at £6.86 billions (22.36%)
  • Semi-Detached  at £5.78 billions (18.86%)
  • Flat/Masionette at £3.76 billions (12.28%)
  • Other at £2.81 Billions (9.15%)

Year on Year Comparison : Compared to South West England Property Market 2015  in 2016

  • All the property types sales value have shown growth except Detached
  • Year on Year growth was 3.33% compared to 2015 

 

 

Month-wise Break-up of Total Sales

South West England - Month-wise Break-up of Total Sales

Some of the insights based on the £31 billions month-wise break-down :

Stamp Duty Hike Impact

  1. March had property sale spike of £4.15 billions compared to £2.33 billions in Feb
  2. The impetus for it was to avoid the extra 3% in Stamp Duty Tax applicable on buying an additional home, being applicable from April 1 2016

Brexit Impact

  1. Brexit took place on 23rd June 2016.
  2. As can be observed from the month-wise break-up there does not seem to have been dip in property sales in the immediate aftermath of Brexit 
  3. Year on Year growth was 3.33% compared to 2015 
  4. Brexit coupled with Stamp Duty did not have negative impact on South West England property market 2016

 

 

Total Number of Sales By Property Types

South West England - Total Number of Sales By Property Types

The total property sales of £31 Billions in 2016 was spread over 109,500 properties.

  • Terraced properties at 31,424 (28.7%) ,
  • Detached at 30,152 (27.54%),  
  • Semi-Detached at 23,610 (21.56%),
  • Flat/Maisonette at 20,562 (18.78%),
  • Others at 3,752 (3.43%) 

Year on Year Comparison : Compared to South West England Property Market 2015 in 2016

  • Total number of property sales in 2016 has decreased by  2.02%.
  • All property types have shown decline in number of properties sold except property type Other.
  • Other has shown significant increase of 114% 

 

 

Average & Median Sales Price

South West England - Average & Median Sales Price

The average sales price in South West was £280 K. For the different property types it was

  • Detached at £380 K
  • Semi-Detached at £245 K
  • Terraced at £218 K
  • Flat/Maisonette at £183 K
  • Other it is at £748 K

The median sales price in South West was £225 K. For the different property types it was

  • Detached £328 K
  • Semi-Detached £223 K
  • Terraced £190 K
  • Flat/Maisonette £153 K
  • Other £280 K

Year on Year Comparison : Compared to South West England Property Market 2015 in 2016

  • The average and median property prices have gone up except for property type Other
  • Other has had decline in average and median property price

 

 

Average & Median Sales Price By County

South West England - Average Sales Price By County

The average sales price for the counties of South West England are as above.

 South West England -Median Sales Price By County

 

Year on Year Comparison : Compared to South West England Property Market 2015 in 2016

  • The average and median sales price across all the counties have gone up

 

New Vs Not New Property Statistics

South West England - New Vs Not New Property Statistics

By Sales Value

  • The sales value contributed by New Property was £2.49 billions (8.13%)
  • where as Not New Property contributed £28.16 billions (91.87%)

By Number Of Sales

  • Number of new properties sold were 9,169 (8.37%)
  • where as not new property sold were 100,331 (91.63%).

Year on Year Comparison : Compared to South West England Property Market 2015 in 2016

  • New property market share in property market has gone down in 2016 over 2015

 

All South West England Posts