Manchester house prices increased more than North West average in March

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices increased by 0.5% – more than the average for the North West – in Manchester in March, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 5.5% annual growth.

The average Manchester house price in March was £216,663, Land Registry figures show – a 0.5% increase on February.

Over the month, the picture was similar to that across the North West, where prices increased 0.4%, and Manchester outperformed the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Manchester rose by £11,000 – putting the area 35th 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 22.6%, to £129,000. At the other end of the scale, properties in Barrow gained just 3.4% in value, giving an average price of £138,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in Manchester in March – they increased 0.9%, to £273,637 on average. Over the last year, prices rose by 7.2%.

Among other types of property:

Detached: up 0.8% monthly; up 9.2% annually; £405,117 averageTerraced: up 0.3% monthly; up 5.3% annually; £204,217 averageFlats: up 0.2% monthly; up 3.8% annually; £182,458 average

First steps on the property ladder

First-time buyers in Manchester spent an average of £199,000 on their property – £10,000 more than a year ago, and £51,000 more than in March 2017.

By comparison, former owner-occupiers paid £237,000 on average in March – 19% 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 (£205,000) in March for a property in Manchester. Across the North West, property prices are higher than those across the UK, where the average cost £278,000.

The most expensive properties in the North West were in Trafford – £351,000 on average, and 1.6 times as much as more than in Manchester. Trafford properties cost 3.2 times as much as homes in Burnley (£111,000 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 March

Manchester: £216,663The North West:£205,121UK: £278,436

Annual growth to March

Manchester: +5.5%The North West: +9.7%UK: +9.8%

Best and worst annual growth in the North West

Hyndburn: +22.6%Barrow: +3.4%