Manchester house prices dropped more than North West average in May
House prices dropped by 1.5% – more than the average for the North West – in Manchester in May, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 3.9% over the last year.
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Hide AdThe average Manchester house price in May was £226,844, Land Registry figures show – a 1.5% decrease on April.
Over the month, the picture was different to that across the North West, where prices decreased 0.2%, and Manchester was lower than the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in Manchester rose by £8,500 – putting the area 19th among the North West’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in West Lancashire, where property prices increased on average by 12%, to £239,000. At the other end of the scale, properties in Hyndburn lost 1.3% of their value, giving an average price of £118,000.
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First-time buyers in Manchester spent an average of £207,900 on their property – £7,800 more than a year ago, and £47,900 more than in May 2018.
By comparison, former owner-occupiers paid £248,500 on average in May – 19.5% more than first-time buyers.
Property types
Owners of semi-detached houses saw the biggest fall in property prices in Manchester in May – they dropped 2% in price, to £285,493 on average. But over the last year, prices rose by 2.4%.
Among other types of property:
- Detached: down 1.9% monthly; up 2.6% annually; £420,244 average
- Terraced: down 1.7% monthly; up 1.9% annually; £213,088 average
- Flats: down 1% monthly; up 6.4% annually; £190,684 average
How do property prices in Manchester compare?
Buyers paid 7.1% more than the average price in the North West (£212,000) in May for a property in Manchester. Across the North West, property prices are low compared to those across the UK, where the average cost is £286,000.
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Hide AdThe most expensive properties in the North West were in Trafford – £360,000 on average, and 1.6 times the price as in Manchester. Trafford properties cost 3.2 times the price as homes in Burnley (£111,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in May
- Manchester: £226,844
- The North West:£211,790
- UK: £285,861
Annual growth to May
- Manchester: +3.9%
- The North West: +2.7%
- UK: +1.9%
Highest and lowest annual growth in the North West
- West Lancashire: +12%
- Hyndburn: -1.3%