Manchester house prices increased slightly in December
House prices increased slightly, by 0.5%, in Manchester in December, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 14.7% over the last year.
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Hide AdThe average Manchester house price in December was £238,861, Land Registry figures show – a 0.5% increase on November.
Over the month, the picture was different to that across the North West, where prices decreased 0.1%, and Manchester was above the 0.4% drop for the UK as a whole.
Over the last year, the average sale price of property in Manchester rose by £31,000 – putting the area 10th among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in West Lancashire, where property prices increased on average by 23.8%, to £244,000. At the other end of the scale, properties in South Lakeland gained 5.9% in value, giving an average price of £287,000.
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Hide AdThe average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.
It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.
First steps on the property ladder
First-time buyers in Manchester spent an average of £220,000 on their property – £29,000 more than a year ago, and £60,000 more than in December 2017.
By comparison, former owner-occupiers paid £261,000 on average in December – 18.8% more than first-time buyers.
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Owners of flats saw the biggest rise in property prices in Manchester in December – they increased 0.8%, to £196,801 on average. Over the last year, prices rose by 13.3%.
Among other types of property:
Detached: up 0.5% monthly; up 14.5% annually; £445,579 averageSemi-detached: up 0.4% monthly; up 15.3% annually; £303,539 averageTerraced: up 0.3% monthly; up 15.6% annually; £228,849 average
How do property prices in Manchester compare?
Buyers paid 8% more than the average price in the North West (£221,000) in December for a property in Manchester. Across the North West, property prices are higher than those across the UK, where the average cost £294,000.
The most expensive properties in the North West were in Trafford – £384,000 on average, and 1.6 times as much as more than in Manchester. Trafford properties cost 3.3 times as much as homes in Burnley (£118,000 average), at the other end of the scale.
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Factfile
Average property price in December
Manchester: £238,861The North West:£221,101UK: £294,329
Annual growth to December
Manchester: +14.7%The North West: +12.2%UK: +9.8%
Highest and lowest annual growth in the North West
West Lancashire: +23.8%South Lakeland: +5.9%