About the data
Median House Prices
According to figures from Land Registry the median house price in Somerset for the year ending September 2022 was £269,500. In the same year, the median house price in the South West was £295,000, whilst for England it was £275,000. In 2012 the median house price in Somerset was just £175,000. Therefore, between 2012 and 2022 the median house price in Somerset has increased by 54%.
In 2022, the median house price was highest in Mendip at £307,125. It has also increased by the greatest margin (73%) in Mendip between 2012 and 2022. Meanwhile the median house price was lowest in Sedgemoor, where it stood at £250,000. However, between 2012 and 2022 it increased by 50%, South Somerset had the smallest percentage change, an increase of 48% over the same period
Affordability
In 2022, the estimated median gross annual (resident-based) earnings in Somerset was £30,294. The average for the South West was £31,726, whilst for England it was £33,208. This means that the ratio of median house price to median annual earnings in Somerset was 1:8.9. Put simply a typical house in Somerset costs nearly than nine times the typical annual wage. This compares to affordability ratios of 9.3 for the South West and 9.28 for England. Within Somerset housing is least affordable in Mendip, where median prices are 9.33 times the median wage. Conversely, it is most affordable in South Somerset, Sedgemoor and Somerset West and Taunton, where median prices are 8.15,9.16 and 8.73 times the median wage respectively.
Average House Prices
According to figures from Land Registry the average price of a property in Somerset as of February 2023 was £305,857, higher than the UK average of £287,537. This represents a 7.67% increase on the previous year in Somerset, higher than the UK increase of 5.54%.
As of February 2013, the average house price in Somerset was £178,052. This means that prices have increased by 72% in Somerset. This is very similar to the picture for the UK, where the average house price in February 2013 was £167,682 and has increased by 71%. The chart below shows how prices have changed between 2002 and 2023.
Average (mean) house prices, as reported above, provide a useful and timely indication of rises and falls in property prices across the country, albeit recognising that the housing stock will be different in different locations. However, in terms of understanding affordability, the median house price, compared with median earnings, gives a more meaningful picture, since it more closely reflects what we might call the ‘typical’ house price and compares it with more ‘typical’ earnings. This is because despite most of the housing stock being comprised of lower priced properties, the average remains higher than most properties would cost due to the existence of relatively fewer and yet much more expensive properties.
Source: ONS, Ratio to median house prise to median gross annual residence – based earnings – TABLES 1c, 3c, & 5c, Land Registry house price data 2022