Bury house prices dropped more than North West average in December

House prices dropped by 0.4% – more than the average for the North West – in Bury in December, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 13.2% over the last year.

The average Bury house price in December was £244,383, Land Registry figures show – a 0.4% decrease on November.

Over the month, the picture was similar to that across the North West, where prices decreased 0.1%.

Over the last year, the average sale price of property in Bury rose by £29,000 – putting the area 22nd among the North West’s 39 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 23.8%, to £244,000. At the other end of the scale, properties in South Lakeland gained 5.9% in value, giving an average price of £287,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in Bury spent an average of £204,000 on their property – £24,000 more than a year ago, and £64,000 more than in December 2017.

By comparison, former owner-occupiers paid £271,000 on average in December – 32.6% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Bury in December – they dropped 0.5% in price, to £189,837 on average. But over the last year, prices rose by 13.8%.

Among other types of property:

Detached: down 0.4% monthly; up 12.5% annually; £416,398 averageSemi-detached: down 0.4% monthly; up 13.4% annually; £265,793 averageFlats: up 0% monthly; up 11.3% annually; £130,995 average

How do property prices in Bury compare?

Buyers paid 10.5% more than the average price in the North West (£221,000) in December for a property in Bury. Across the North West, property prices are higher than those across the UK, where the average cost £294,000.

The most expensive properties in the North West were in Trafford – £384,000 on average, and 1.6 times as much as more than in Bury. Trafford properties cost 3.3 times as much as homes in Burnley (£118,000 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 December

Bury: £244,383The North West:£221,101UK: £294,329

Annual growth to December

Bury: +13.2%The North West: +12.2%UK: +9.8%

Highest and lowest annual growth in the North West

West Lancashire: +23.8%South Lakeland: +5.9%