South West Property Market: Regional Analysis & County Comparison, Q3 2026 Review (Corrected)

Correction. This corrected edition replaces the version first published on 3 October 2026, which counted pre-application advice requests as planning decisions for some local planning authorities. The planning figures below exclude them. The original version remains online unchanged.

The South West region encompasses 7 counties, recording a combined 67,677 residential transactions in the 12 months to 30 June 2026. The regional median property price stands at £299,000, with prices falling by 1.5% year-on-year.

On a quarterly view, South West median prices moved from £313,549 in Q1 2025 to £297,246 in Q2 2026, a change of -5.2% over 5 quarters. South West has now recorded 3 consecutive quarters of price falls.

Local planning authorities across the region approved 1,056 residential applications and refused 280 in Q3 2026 (1 July to 30 September 2026), a decision-weighted approval rate of 79%. A further 8 residential decisions have no recorded outcome in the source data and are not counted. Planning figures come from local planning authority records compiled by Landstack, retrieved on 3 October 2026. Councils and Landstack can take several days to publish decisions, so decisions made in the final days of Q3 2026 may not all be included yet.

HM Land Registry has so far registered 1,593 new-build sales across the region for the past 12 months. Registrations lag completions by 6 to 18 months, so this is not a completions figure.

The table below compares all 7 counties in the South West region, ranked by median property price. Click any county name for the full market report.

Property prices across South West vary significantly. Bristol commands the highest median price at £335,000, while Devon offers the most affordable entry at £283,125 — a spread of £52k.

This price differential creates opportunities across the risk-return spectrum. Premium locations offer higher GDVs but require larger capital commitments, while more affordable areas can deliver stronger percentage returns on lower absolute investment.

Measured by residential planning approvals in Q3 2026 (1 July to 30 September 2026), the most active counties in South West are Cornwall (242 approved, 88% approval rate), Somerset (233 approved, 83% approval rate), Devon (158 approved, 80% approval rate).

By total transaction volume, an indicator of market liquidity and exit confidence, Devon (16,535 sales), Somerset (11,274 sales), Gloucestershire (11,238 sales) lead the region.

Developers entering the South West market should weigh these two metrics together: approvals show where consent is being granted, while transaction volume confirms buyer demand.

Development finance across South West varies by location and scheme size. In premium areas like Bristol, typical scheme GDVs support larger facilities, while more affordable counties may suit developers using bridging finance for refurbishment-led strategies.

Senior development finance is available from 6.5% p.a. at up to 65-70% LTGDV, with mezzanine finance stretching total borrowing to 85-90% of costs. For developers building across multiple sites in the region, portfolio-level facilities can offer better terms.

Construction Capital sources terms from 100+ lenders across the South West region. Submit your scheme through our deal room for indicative terms within 24 hours.