Rochdale house prices dropped slightly in August

House prices dropped slightly, by 0.6%, in Rochdale in August, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 3% over the last year.

The average Rochdale house price in August was £191,245, Land Registry figures show – a 0.6% decrease on July.

Over the month, the picture was different to that across the North West, where prices remained static, and Rochdale was lower than the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Rochdale rose by £5,600 – putting the area 11th among the North West’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Ribble Valley, where property prices increased on average by 6.8%, to £284,000. At the other end of the scale, properties in Burnley lost 5.6% of their value, giving an average price of £111,000.

First steps on the property ladder

First-time buyers in Rochdale spent an average of £168,400 on their property – £4,800 more than a year ago, and £50,800 more than in August 2018.

By comparison, former owner-occupiers paid £215,300 on average in August – 27.8% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Rochdale in August – they dropped 1.3% in price, to £98,997 on average. But over the last year, prices rose by 1.5%.

Among other types of property:

• Detached: down 0.6% monthly; up 4.4% annually; £329,286 average
• Semi-detached: down 0.5% monthly; up 3.8% annually; £203,795 average
• Terraced: down 0.7% monthly; up 1.8% annually; £147,684 average

How do property prices in Rochdale compare?

Buyers paid 11.4% less than the average price in the North West (£216,000) in August for a property in Rochdale. Across the North West, property prices are low compared to those across the UK, where the average cost is £291,000.

The most expensive properties in the North West were in Trafford – £372,000 on average, and 1.9 times the price as in Rochdale. Trafford properties cost 3.4 times the price 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 (£1.4 million).

Factfile

Average property price in August

• Rochdale: £191,245
• The North West:£215,791
• UK: £291,044

Annual growth to August

• Rochdale: +3%
• The North West: +0.4%
• UK: +0.2%

Highest and lowest annual growth in the North West

• Ribble Valley: +6.8%
• Burnley: -5.6%