October 5, 2022 10:45 am

The Somerset property market has been incredibly strong in recent years, with buyer demand consistently outstripping supply. The county is extremely popular with retirees and second-home buyers looking for a rural idyll, as well as London commuters searching for more affordable homes outside of the capital.

Somerset is also proving to be a popular choice for buy-to-let investors, as yields in the county are significantly higher than the UK average. With such strong demand for property in Somerset, it’s no wonder that prices have been steadily rising.

If you’re thinking of buying a property in Somerset, it’s important to be aware of the competition and have your finances in order.

 In this article, we’ll provide an overview of the Somerset property market and offer some advice on how to make your offer stand out from the crowd.

What are the benefits of buying a property in Somerset?

The Somerset property market has a lot to offer buyers, both in terms of location and financial returns.

One of the biggest benefits of buying a property in Somerset is the lifestyle you can enjoy. Somerset is known for its picturesque landscapes, charming towns and villages and easy access to coastlines and countryside. The county boasts some of the oldest and most beautiful buildings in the world, as well as quaint pubs, excellent restaurants and good transport links.

Another benefit of buying a property in Somerset is the lower property prices, compared to those in more expensive cities. The average house price in Somerset is nearly £50,000 lower than the UK average, making homes in the county more affordable, even with the recent rise in prices.

Finally, Somerset is a great place to invest for buy-to-let investors, as properties in the county typically offer higher yields than the national average, as well as strong capital growth potential.

This makes buying a property in Somerset a great financial decision, as well as an enjoyable lifestyle choice.

The current state of the housing market in Somerset

The Somerset housing market has seen a growth in demand in recent years, fuelled by buyers eager to take advantage of the lower property prices compared to other areas of the UK. This increased demand has caused prices to surge, with the average house price in January was £17,080 higher than a year earlier with house price growth accelerating to 6.3% in January 2023.

This increased demand is tempered by a limited supply of homes in the area, which is causing property prices to rise further. According to the Office for National Statistics, Somerset has the fifth-
highest house price in the South West and is one of the most expensive parts of the UK, due to its desirable location and limited supply of properties.

However, despite these increases, houses in Somerset remain relatively affordable compared to the UK average. Local experts agree that the Somerset housing market is likely to remain strong for the foreseeable future, given that demand is likely to remain high, and the area will continue to be popular with buyers looking for a good quality of life in a rural setting.

Top tips for buying a property in Somerset

Buying a property in Somerset can be an exciting and rewarding experience, but it's important to know what to look for when searching for the right property for you. Here are a few tips for buyers looking for a home in Somerset:

  • Do your research: Familiarise yourself with the local area and the different types of property available so you can make an informed decision. If you're looking for second homes, make sure you’re abiding rules such as capital gains tax and the stamp duty holiday.
  • Pay attention to the property's condition: It is important to inspect the property and get an independent surveyor's report to check for any essential repairs that may need to be carried out.
  • Understand the risks: Property prices in Somerset can be volatile and can be affected by local and nationwide factors, so make sure you understand the risks involved in buying a property in the area.
  • Think about the future: When choosing a property, think about whether it will suit the lifestyle you want in the future. Factors such as nearby schools and transport links could be important for those with growing families, for example.
The housing market in Somerset has seen a huge resurgence in recent years, with property prices rising rapidly due to a strong economy and the demand for second homes and holiday homes within the region.

The increasing popularity of remote working has led to an increase in people wanting to move to Somerset, with the area becoming an attractive option for those looking to live close to the countryside or by the coast.

As the region develops, there are predicted to be further rises in house prices, particularly within the coastal towns. Demand for property is also expected to increase, as more people move to the area looking for beautiful views, access to countryside and the buzz of nearby cities like Bristol and Bath.

The future of the Somerset housing market looks promising and exciting, with many people likely to be attracted to the region for the idyllic setting and strong economy. The demand for property in the area is only going to continue to grow with time.

If buying and renting a property in Somerset is of interest to you, give us a call, we would love to answer any questions you have.

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