Manchester house prices increased slightly in July

House prices increased slightly, by 0.4%, in Manchester in July, new figures show.
File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.
File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.

House prices increased slightly, by 0.4%, in Manchester in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 13.7% annual growth.

The average Manchester house price in July was £207,625, Land Registry figures show – a 0.4% increase on June.

Over the month, the picture was better than that across the North West, where prices decreased 7.6%, and Manchester outperformed the 3.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Manchester rose by £25,000 – putting the area 21st among the North West’s 43 local authorities for annual growth.

The best annual growth in the region was in Rossendale, where property prices increased on average by 19.9%, to £169,000. At the other end of the scale, properties in Hyndburn gained 4.4% in value, giving an average price of £105,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Manchester in July – they increased 1.2%, to £179,502 on average. Over the last year, prices rose by 12.7%.

Among other types of property:

Detached: down 0.3% monthly; up 14.1% annually; £372,946 averageSemi-detached: up 0.1% monthly; up 13.9% annually; £256,857 averageTerraced: down 0.1% monthly; up 14.4% annually; £195,086 average

First steps on the property ladder

First-time buyers in Manchester spent an average of £191,000 on their property – £23,000 more than a year ago, and £51,000 more than in July 2016.

By comparison, former owner-occupiers paid £226,000 on average in July – 18.6% more than first-time buyers.

How do property prices in Manchester compare?

Buyers paid 12.1% more than the average price in the North West (£185,000) in July for a property in Manchester. Across the North West, property prices are lower than those across the UK, where the average cost £256,000.

The most expensive properties in the North West were in Trafford – £324,000 on average, and 1.6 times as much as in Manchester. Trafford properties cost 3.2 times as much as homes in Burnley (£101,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).

Factfile

Average property price in July

Manchester: £207,625The North West:£185,171UK: £255,535

Annual growth to July

Manchester: +13.7%The North West: +8.1%UK: +8%

Best and worst annual growth in the North West

Rossendale: +19.9%Hyndburn: +4.4%