Manchester house prices increased slightly in December

House prices increased slightly, by 0.1%, 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 3.8% over the last year.

The average Manchester house price in December was £242,523, Land Registry figures show – a 0.1% increase on November.

Over the month, the picture was different to that across the North West, where prices increased 2.5%.

Over the last year, the average sale price of property in Manchester rose by £9,000 – 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 West Lancashire, where property prices increased on average by 9.8%, to £253,000. At the other end of the scale, properties in Hyndburn lost 7.8% of their value, giving an average price of £120,000.

First steps on the property ladder

First-time buyers in Manchester spent an average of £222,200 on their property – £8,100 more than a year ago, and £56,700 more than in December 2018.

By comparison, former owner-occupiers paid £265,700 on average in December – 19.6% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Manchester in December – they increased 1.1%, to £203,759 on average. Over the last year, prices rose by 7.2%.

Among other types of property:

• Detached: down 0.8% monthly; up 1.9% annually; £443,684 average
• Semi-detached: down 0.2% monthly; up 2.5% annually; £305,658 average
• Terraced: down 0.7% monthly; up 1% annually; £227,459 average

How do property prices in Manchester compare?

Buyers paid 11.1% more than the average price in the North West (£218,000) in December for a property in Manchester. Across the North West, property prices are low compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the North West were in Trafford – £366,000 on average, and 1.5 times the price as in Manchester. Trafford properties cost 3.4 times the price as homes in Burnley (£107,000 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 December

• Manchester: £242,523
• The North West:£218,353
• UK: £284,691

Annual change to December

• Manchester: +3.8%
• The North West: +1.2%
• UK: -1.4%

Highest and lowest annual growth in the North West

• West Lancashire: +9.8%
• Hyndburn: -7.8%