Manchester house prices increased in July

House prices increased by 2.3% in Manchester in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.6% annual growth.

The average Manchester house price in July was £229,198, Land Registry figures show –a 2.3% increase on June.

Over the month, the picture was similar to that across the North West, where prices increased 2.5%, but Manchester outperformed the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in Manchester rose by £24,000 – putting the area 22nd among the North West’s 39 local authorities with price data for annual growth.

The best annual growth in the region was in Hyndburn, where property prices increased on average by 16.4%, to £134,000. At the other end of the scale, properties in Pendle gained just 4.4% in value, giving an average price of £130,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Manchester in July – they increased 2.4%, to £219,614 on average. Over the last year, prices rose by 12.4%.

Among other types of property:

Detached: up 1.8% monthly; up 13.5% annually; £423,303 averageSemi-detached: up 2.3% monthly; up 13.6% annually; £290,739 averageFlats: up 2.3% monthly; up 8.8% annually; £189,491 average

First steps on the property ladder

First-time buyers in Manchester spent an average of £210,000 on their property – £22,000 more than a year ago, and £59,000 more than in July 2017.

By comparison, former owner-occupiers paid £251,000 on average in July – 19.1% more than first-time buyers.

How do property prices in Manchester compare?

Buyers paid 5.6% more than the average price in the North West (£217,000) in July for a property in Manchester. Across the North West, property prices are higher than those across the UK, where the average cost £292,000.

The most expensive properties in the North West were in Trafford – £363,000 on average, and 1.6 times as much as more than in Manchester. Trafford properties cost three 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 July

Manchester: £229,198The North West:£217,077UK: £292,118

Annual growth to July

Manchester: +11.6%The North West: +18.1%UK: +15.5%

Best and worst annual growth in the North West

Hyndburn: +16.4%Pendle: +4.4%