The average house in North Somerset has almost doubled in value over the last 20 years to more than half a million pounds, according to a local estate agency.
Blackwell-based Parker’s Estate Agents said the cost of the average home had increased 198.8% to £552,200 over the period.
According to Andrew Simmonds, a director at Parker’s, house values in North Somerset have outperformed the UK average during a period which saw London record the biggest increases at 247.6%. Nationally, UK house prices rose by 187.2%, he said.
“Few people that bought in those first few years of the new Millennium could have forecast the massive financial impact their decision would have on the rest of their lives,” said Mr Simmonds.
“Of course, there have been winners and losers, where some North Somerset buyers have made hundreds of thousands of pounds and North Somerset renters have paid out tens of thousands of pounds and yet been unable to buy their first home.”
Mr Simmonds said even when adjusted for inflation, North Somerset house prices had still risen by 126.7% in the last two decades.
He said: “It is reassuring to know that it is not just a great place to live but also economically advantageous to live in North Somerset.
“Most of these profits are never seen by homeowners. It has never been money in the bank unless you sell up and downsize or move somewhere cheaper. Instead, these gains are re-invested back into the housing market when they buy their next home.”
The news comes as data shows that annual house price growth rose to 11.2% in January, accelerating from 10.4% in December 2021.
According to the research by Nationwide, the UK market has had its strongest start to the year since 2005 but is likely to slow over 2022.
Reduced housing affordability is likely to dampen market activity and house price growth as people’s household budgets are squeezed by the wider surge in living costs, the building society said.
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