Manchester house price increases - what’s the average price & which types of house are selling fastest?
House prices increased by 3.8% in Manchester in June, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 19.2% annual growth.
The average Manchester house price in June was £206,573.7867, Land Registry figures show – a 3.8% increase on May.
Over the month, the picture was less good than that across the North West, where prices increased 6.7661376%, and 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 Manchester rose by £33,000 – putting the area seventh 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 terraced houses saw the biggest improvement in property prices in Manchester in June – they increased 4%, to £194,601.0258 on average. Over the last year, prices rose by 20.1%.
Among other types of property:
Detached: up 3.8% monthly; up 19.7% annually; £373,286.9743 averageSemi-detached: up 3.7% monthly; up 19.4% annually; £255,809.8399 averageFlats: up 3.8% monthly; up 18.1% annually; £177,832.0247 average
First steps on the property ladder
First-time buyers in Manchester spent an average of £190,000 on their property – £30,000 more than a year ago, and £50,000 more than in June 2016.
By comparison, former owner-occupiers paid £225,000 on average in June – 18.3% more than first-time buyers.
How do property prices in Manchester compare?
Buyers paid 3.2% more than the average price in the North West (£200,000) in June for a property in 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 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).
Average property price in June
Manchester: £206,573.7867The North West:£200,221.9349UK: £265,668.1787
Annual growth to June
Manchester: +19.2%The North West: +18.6%UK: +13.2%
Best and worst annual growth in the North West
Pendle: +22.8%Preston: +7.3%