Manchester house prices increased more than North West average in June

House prices increased by 2.7% – more than the average for the North West – 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 6.1% over the last year.

The average Manchester house price in June was £233,243, Land Registry figures show – a 2.7% increase on May.

Over the month, the picture was different to that across the North West, where prices increased 1.2%, and Manchester was above the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Manchester rose by £13,000 – 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 Rossendale, where property prices increased on average by 9.2%, to £201,000. At the other end of the scale, properties in Hyndburn lost 3.7% of their value, giving an average price of £118,000.

First steps on the property ladder

First-time buyers in Manchester spent an average of £214,000 on their property – £12,000 more than a year ago, and £50,000 more than in June 2018.

By comparison, former owner-occupiers paid £256,000 on average in June – 19.5% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Manchester in June – they increased 2.9%, to £195,608 on average. Over the last year, prices rose by 8.5%.

Among other types of property:

• Detached: up 2.2% monthly; up 5.2% annually; £431,611 average
• Semi-detached: up 2.5% monthly; up 5% annually; £294,234 average
• Terraced: up 2.8% monthly; up 4% annually; £219,480 average

How do property prices in Manchester compare?

Buyers paid 8.2% more than the average price in the North West (£216,000) 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 is £288,000.

The most expensive properties in the North West were in Trafford – £362,000 on average, and 1.6 times the price as in Manchester. Trafford properties cost 3.1 times the price as homes in Burnley (£117,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.

Factfile

Average property price in June

• Manchester: £233,243
• The North West:£215,631
• UK: £287,546

Annual growth to June

• Manchester: +6.1%
• The North West: +3.5%
• UK: +1.7%

Highest and lowest annual growth in the North West

• Rossendale: +9.2%
• Hyndburn: -3.7%