Manchester house prices dropped slightly in November

House prices dropped slightly, by 0.7%, in Manchester in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.6% over the last year.

The average Manchester house price in November was £238,461, Land Registry figures show – a 0.7% decrease on October.

Over the month, the picture was similar to that across the North West, where prices decreased 0.9%, and Manchester was above the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Manchester rose by £3,900 – putting the area sixth 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 9.6%, to £251,000. At the other end of the scale, properties in Burnley lost 11.1% of their value, giving an average price of £104,000.

First steps on the property ladder

First-time buyers in Manchester spent an average of £218,400 on their property – £3,300 more than a year ago, and £54,700 more than in November 2018.

By comparison, former owner-occupiers paid £261,500 on average in November – 19.7% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Manchester in November – they dropped 1.7% in price, to £224,321 on average. Over the last year, prices dropped by 0.8%.

Among other types of property:

• Detached: down 0.9% monthly; up 0.7% annually; £440,117 average
• Semi-detached: down 1.3% monthly; up 0.3% annually; £300,169 average
• Flats: up 0.5% monthly; up 4.6% annually; £200,068 average

How do property prices in Manchester compare?

Buyers paid 11.8% more than the average price in the North West (£213,000) in November for a property in Manchester. Across the North West, property prices are low compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the North West were in Trafford – £366,000 on average, and 1.5 times the price as in Manchester. Trafford properties cost 3.5 times the price as homes in Burnley (£104,000 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 November

• Manchester: £238,461
• The North West:£213,333
• UK: £284,950

Annual change to November

• Manchester: +1.6%
• The North West: -2%
• UK: -2.1%

Highest and lowest annual growth in the North West

• West Lancashire: +9.6%
• Burnley: -11.1%