Manchester house prices dropped slightly in October

House prices dropped slightly, by 0.2%, in Manchester in October, new figures show.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices dropped slightly, by 0.2%, in Manchester in October, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 13.6% over the last year.

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The average Manchester house price in October was £235,629, Land Registry figures show – a 0.2% decrease on September.

Over the month, the picture was different to that across the North West, where prices increased 0.5%, and Manchester was lower than the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Manchester rose by £28,000 – putting the area 16th among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in Warrington, where property prices increased on average by 17.6%, to £267,000. At the other end of the scale, properties in Rossendale gained 4.6% in value, giving an average price of £189,000.

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Average UK house prices increased by 12.6% in the year to October, accelerating from 9.9% in September.

The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.

The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.

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“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates."

First steps on the property ladder

First-time buyers in Manchester spent an average of £216,000 on their property – £26,000 more than a year ago, and £58,000 more than in October 2017.

By comparison, former owner-occupiers paid £258,000 on average in October – 19.2% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Manchester in October – they dropped 0.4% in price, to £225,653 on average. But over the last year, prices rose by 14.3%.

Among other types of property:

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Detached: down 0.1% monthly; up 13.6% annually; £436,811 averageSemi-detached: down 0.3% monthly; up 14.4% annually; £299,127 averageFlats: up 0% monthly; up 12.3% annually; £194,618 average

How do property prices in Manchester compare?

Buyers paid 7% more than the average price in the North West (£220,000) in October for a property in Manchester. Across the North West, property prices are higher than those across the UK, where the average cost £296,000.

The most expensive properties in the North West were in Trafford – £374,000 on average, and 1.6 times as much as more than in Manchester. Trafford properties cost 3.1 times as much as homes in Burnley (£120,000 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 October

Manchester: £235,629The North West:£220,292UK: £296,422

Annual growth to October

Manchester: +13.6%The North West: +16.1%UK: +12.6%

Highest and lowest annual growth in the North West

Warrington: +17.6%Rossendale: +4.6%