Bury house prices increased in May
House prices increased by 1.4% in Bury in May, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 9.6% over the last year.
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Hide AdThe average Bury house price in May was £230,494, Land Registry figures show – a 1.4% increase on April.
Over the month, the picture was different to that across the North West, where prices decreased 0.2%, and Bury was above the 1.2% rise for the UK as a whole.
Over the last year, the average sale price of property in Bury rose by £20,000 – putting the area 27th among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in Knowsley, where property prices increased on average by 20.5%, to £177,000. At the other end of the scale, properties in Allerdale remained level at £169,000.
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Hide AdAn imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
But activity is starting to slow, with soaring inflation putting household budgets under pressure.
Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said:“The average house price hit another record high in May, and rose faster than any time since the peak in June last year.
"However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."
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Hide AdFirst steps on the property ladder
First-time buyers in Bury spent an average of £193,000 on their property – £17,000 more than a year ago, and £59,000 more than in May 2017.
By comparison, former owner-occupiers paid £256,000 on average in May – 32.4% more than first-time buyers.
Property types
Owners of terraced houses saw the biggest rise in property prices in Bury in May – they increased 1.8%, to £179,360 on average. Over the last year, prices rose by 9.6%.
Among other types of property:
Detached: up 0.9% monthly; up 10.5% annually; £390,988 averageSemi-detached: up 1.3% monthly; up 10.2% annually; £250,301 averageFlats: up 1% monthly; up 5.8% annually; £124,894 average
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Hide AdHow do property prices in Bury compare?
Buyers paid 12% more than the average price in the North West (£206,000) in May for a property in Bury. Across the North West, property prices are higher than those across the UK, where the average cost £283,000.
The most expensive properties in the North West were in Trafford – £353,000 on average, and 1.5 times as much as more than in Bury. Trafford properties cost 3.2 times as much as homes in Burnley (£112,000 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
Bury: £230,494The North West:£205,783UK: £283,496
Annual growth to May
Bury: +9.6%The North West: +11.5%UK: +12.8%
Highest and lowest annual growth in the North West
Knowsley: +20.5%Allerdale: 0%