Greater Manchester house prices increased in June

File photo dated 14/10/14 of sold and for sale signs. House prices across the UK are expected to increase by 4 percent this year, according to a property group's forecasts. Issue date: Tuesday March 9, 2021.

House prices increased by 2.2% in Greater Manchester in June, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 15.7% annual growth.

The average Greater Manchester house price in June was £203,405.4249, Land Registry figures show – a 2.2% increase on May.

Over the month, the picture was less good than that across the North West, where prices increased 6.7661376%, and Greater Manchester underperformed compared to the 4.4989563% rise for the UK as a whole.

Over the last year, the average sale price of property in Greater Manchester rose by £28,000 – putting the area 19th among the North West’s 43 local authorities for annual growth.

The best annual growth in the region was in Pendle, where property prices increased on average by 22.8%, to £124,000. At the other end of the scale, properties in Preston gained 7.3% in value, giving an average price of £136,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Greater Manchester in June – they increased 2.7%, to £159,262.5964 on average. Over the last year, prices rose by 14.3%.

Among other types of property:

Detached: up 2% monthly; up 16.3% annually; £350,982.633 averageSemi-detached: up 2% monthly; up 15.3% annually; £225,768.4831 averageTerraced: up 2.2% monthly; up 16.5% annually; £163,446.4791 average

First steps on the property ladder

First-time buyers in Greater Manchester spent an average of £176,000 on their property – £24,000 more than a year ago, and £46,000 more than in June 2016.

By comparison, former owner-occupiers paid £229,000 on average in June – 30.4% more than first-time buyers.

How do property prices in Greater Manchester compare?

Buyers paid 1.6% more than the average price in the North West (£200,000) in June for a property in Greater Manchester. Across the North West, property prices are low compared to those across the UK, where the average cost £266,000.

The most expensive properties in the North West were in Trafford – £322,000 on average, and 1.6 times as much as in Greater Manchester. Trafford properties cost 3.3 times as much as homes in Burnley (£99,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).

Factfile

Average property price in June

Greater Manchester: £203,405.4249The North West:£200,221.9349UK: £265,668.1787

Annual growth to June

Greater Manchester: +15.7%The North West: +18.6%UK: +13.2%

Best and worst annual growth in the North West

Pendle: +22.8%Preston: +7.3%