Manchester house prices increased in June

House prices increased by 1.1% in Manchester in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 9.3% over the last year.

The average Manchester house price in June was £225,113, Land Registry figures show – a 1.1% increase on May.

Over the month, the picture was different to that across the North West, where prices increased 2.1%, but Manchester was above the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in Manchester rose by £19,000 – putting the area 25th among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in St Helens, where property prices increased on average by 19.5%, to £184,000. At the other end of the scale, properties in Allerdale gained 1.1% in value, giving an average price of £175,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in Manchester spent an average of £207,000 on their property – £17,000 more than a year ago, and £57,000 more than in June 2017.

By comparison, former owner-occupiers paid £246,000 on average in June – 19% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Manchester in June – they increased 1.3%, to £215,160 on average. Over the last year, prices rose by 9.7%.

Among other types of property:

Detached: up 0.5% monthly; up 11.5% annually; £416,564 averageSemi-detached: up 1% monthly; up 11.3% annually; £285,313 averageFlats: up 1% monthly; up 7% annually; £186,622 average

How do property prices in Manchester compare?

Buyers paid 6% more than the average price in the North West (£212,000) in June for a property in Manchester. Across the North West, property prices are higher than those across the UK, where the average cost £286,000.

The most expensive properties in the North West were in Trafford – £362,000 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 June

Manchester: £225,113The North West:£212,347UK: £286,397

Annual growth to June

Manchester: +9.3%The North West: +6.2%UK: +7.8%

Highest and lowest annual growth in the North West

St Helens: +19.5%Allerdale: +1.1%