The South West is a popular place to relocate to, with people - particularly those looking to escape from the rat race of the city - attracted here by a more laidback way of life and stunning countryside and coastline.
But moving to this area comes at a price. The South West property market puts people already owning a home here in a strong position - and those wanting to move here struggling to afford or find the type of property they want.
1. The statistics
- Average price of a property in the South West: £191,743
- Monthly change: 0.4%
- Annual change: 9%
2. The outlook
- Good buy-to-let opportunities
Aspiring landlords are capitalising on a strong rental market and lower-than-London prices to make good returns on buy-to-let investment. According to buy-to-let lenders Paragon, landlords in the South West have experienced higher increases in rental income over the past 12 months than any other area of the UK, and can expect an average of £12,671 a year, second only to the capital.
- Locals left in the cold
An influx of movers to this area, in particular the number of people who have bought second homes on the Cornwall, Devon or Dorset coast, is taking its toll on local residents.
Lack of housing is becoming a growing issue. Derek Cash of the National Housing Federation says: "A sizeable swathe of the regional population are finding that they now need help to find a decent home. The government is investing more in housing in the South West, but there is an enormous way to go."
- Cost versus salary
Property prices are rising more quickly than wages in this area. The South West Regional Assembly has called on the government to allocate more money for affordable housing.
3. Place to watch
Swindon. Cheaper than other areas along the M4 corridor, a £1 billion investment scheme is underway to revamp the city centre. More money from central government has also been made available for new housing.
The housing market by region
Useful links
- Recent property sales - see what's sold in Durham
- Average property prices - examine local trends in Durham
- Find a property - look for your new home in Durham
- Property valuation reports - get an instant home valuation for £19.95
average price, annual % change
- Bath & NE Somerset: £231,379, +9.9%
- Bristol: £180,089, +12.4%
- Cornwall: £207,499, +9.3%
- Devon: £204,760, +7%
- Dorset: £231,746, +8.7%
- Gloucestershire: £193, 475, +11%
- North Somerset: £192,592, +9.5%
- Northamptonshire: £158,432, +8.1%
- Plymouth: £144,818, +10.6%
- South Gloucestershire: £202,540, +14.7%
- Swindon: £147,563, +7.5%
- Torbay: £178,005, +7.8%
- Warwickshire: £182,203, +5.9%
- Wiltshire: £198,841, +7.9%
Source: Land Registry, May 2007
Sheila (Restormel), on 11/01/2008 at 10:51
Dorset Resident wrote:
Is it not time for the Government/Local Government to levy full Council Tax (CT) on Second Homes.
It does not make sense to allow a discount on CT when all the services have to be provided e.g. The cost of refuse collection is the same if the vehicle visits the area and collects one bag of rubbish or two.
I certainly agree with "anonymous" of West Dorset and can't understand why local councils don't raise more money in this way. it would help "locals" and probably second home owners wouldn't turn a hair. If they can afford a second home they certainly could afford a hundred or two more on their rates. Sheila
Raymond (Test Valley), on 10/01/2008 at 22:20
Nobby Stiles (East Devon), on 05/12/2007 at 13:41
Anonymous (Manchester), on 20/08/2007 at 18:34
Hi, I'm thinking of relocating to Weymouth from Manchester and just wanted more information about the area - best area to buy for a young professional? What's the surrounding area like ? average house prices?
Weymouth Resident (Weymouth and Portland), on 03/08/2007 at 09:56
With 2012 generating huge publicity and great interest in Weymouth & Portland in particular, it will be interesting to see if this part of Dorset sees continued price increases higher than surrounding areas.
There are a lot of flats being built in Weymouth & Portland but as with other areas a lack of lower cost homes. I don't think the market can be manipulated that easily, people seem to want coastal property.
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Dorset Resident (West Dorset), on 05/07/2007 at 10:21
Yes I agree some villages seem empty a lot of the time. Maybe the Local Government could have an occupation register and if a dwelling is used for less than so many days a year the Council Tax is levied in Full plus a percentage for the time the dwelling remains empty
Anonymous (West Dorset), on 05/07/2007 at 10:16
Is it not time for the Government/Local Government to levy full Council Tax (CT) on Second Homes.
It does not make sense to allow a discount on CT when all the services have to be provided e.g. The cost of refuse collection is the same if the vehicle visits the area and collects one bag of rubbish or two.
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