House prices increased by 2.1% – more than the average for the North West – in Bury in April, 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.
An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite Government figures showing 50% of renters would be able to afford the monthly payments.
In a recent major speech in Blackpool, Prime Minister Boris Johnson announced a “comprehensive review” of the mortgage market would take place in a bid to help more people onto the property ladder.
The average Bury house price in April was £228,021, Land Registry figures show – a 2.1% increase on March.
Over the month, the picture was similar to that across the North West, where prices increased 2%, and Bury was above the 1.1% 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 26th among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in Burnley, where property prices increased on average by 18.6%, to £119,000. At the other end of the scale, properties in Pendle gained just 2.7% in value, giving an average price of £125,000.
First steps on the property ladder
First-time buyers in Bury spent an average of £191,000 on their property – £16,000 more than a year ago, and £59,000 more than in April 2017.
By comparison, former owner-occupiers paid £253,000 on average in April – 32.9% more than first-time buyers.
Owners of terraced houses saw the biggest rise in property prices in Bury in April – they increased 2.2%, to £176,375 on average. Over the last year, prices rose by 8.9%.
Among other types of property:
Detached: up 2.1% monthly; up 11.3% annually; £389,541 averageSemi-detached: up 2.1% monthly; up 10.3% annually; £247,958 averageFlats: up 1.8% monthly; up 5.8% annually; £123,992 average
How do property prices in Bury compare?
Buyers paid 9.2% more than the average price in the North West (£209,000) in April for a property in Bury. Across the North West, property prices are higher than those across the UK, where the average cost £281,000.
The most expensive properties in the North West were in Trafford – £347,000 on average, and 1.5 times as much as more than in Bury. Trafford properties cost 2.9 times as much as homes in Burnley (£119,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in April
Bury: £228,021The North West:£208,867UK: £281,161
Annual growth to April
Bury: +9.6%The North West: +13.3%UK: +12.4%
Highest and lowest annual growth in the North West
Burnley: +18.6%Pendle: +2.7%