Manchester house prices increased slightly in March

House prices increased slightly, by 0.2%, in Manchester in March, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 5.7% over the last year.

The average Manchester house price in March was £231,656, Land Registry figures show – a 0.2% increase on February.

Over the month, the picture was different to that across the North West, where prices decreased 1.3%, and Manchester was above the 1.2% drop 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 21st among the North West’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Fylde, where property prices increased on average by 14.3%, to £247,000. At the other end of the scale, properties in Blackpool gained 0.7% in value, giving an average price of £130,000.

First steps on the property ladder

First-time buyers in Manchester spent an average of £212,000 on their property – £11,000 more than a year ago, and £57,000 more than in March 2018.

By comparison, former owner-occupiers paid £254,000 on average in March – 19.5% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Manchester in March – they increased 1%, to £193,667 on average. Over the last year, prices rose by 6.7%.

Among other types of property:

• Detached: up 0.4% monthly; up 5.2% annually; £430,772 average
• Semi-detached: up 0% monthly; up 5.2% annually; £293,255 average
• Terraced: down 0.7% monthly; up 4.7% annually; £218,419 average

How do property prices in Manchester compare?

Buyers paid 9.4% more than the average price in the North West (£212,000) in March for a property in Manchester. Across the North West, property prices are higher than those across the UK, where the average cost £285,000.

The most expensive properties in the North West were in Trafford – £361,000 on average, and 1.6 times as much as more than in Manchester. Trafford properties cost 3.1 times as much as homes in Burnley (£115,000 average), at the other end of the scale.

The highest property prices across the UK were in E09000020.

Factfile

Average property price in March

• Manchester: £231,656
• The North West:£211,759
• UK: £285,009

Annual growth to March

• Manchester: +5.7%
• The North West: +5.2%
• UK: +4.1%

Highest and lowest annual growth in the North West

• Fylde: +14.3%
• Blackpool: +0.7%