Rochdale house prices increased more than North West average in September

House prices increased by 3.8% – more than the average for the North West – in Rochdale in September, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 14.2% over the last year.

The average Rochdale house price in September was £196,605, Land Registry figures show – a 3.8% increase on August.

Over the month, the picture was different to that across the North West, where prices increased 0.6%, and Rochdale was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Rochdale rose by £24,000 – putting the area 14th among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in Warrington, where property prices increased on average by 20.4%, to £266,000. At the other end of the scale, properties in Barrow gained 3.6% in value, giving an average price of £145,000.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".

The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.

Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes."

“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts," he added.

First steps on the property ladder

First-time buyers in Rochdale spent an average of £174,000 on their property – £22,000 more than a year ago, and £62,000 more than in September 2017.

By comparison, former owner-occupiers paid £221,000 on average in September – 27.3% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Rochdale in September – they increased 3.9%, to £209,072 on average. Over the last year, prices rose by 15.5%.

Among other types of property:

Detached: up 3.6% monthly; up 14.5% annually; £334,389 averageTerraced: up 3.9% monthly; up 13.6% annually; £153,100 averageFlats: up 3.1% monthly; up 8.5% annually; £101,627 average

How do property prices in Rochdale compare?

Buyers paid 10.2% less than the average price in the North West (£219,000) in September for a property in Rochdale. Across the North West, property prices are lower than those across the UK, where the average cost £295,000.

The most expensive properties in the North West were in Trafford – £373,000 on average, and 1.9 times as much as more than in Rochdale. Trafford properties cost 3.2 times as much as homes in Burnley (£117,000 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 September

Rochdale: £196,605The North West:£219,005UK: £294,559

Annual growth to September

Rochdale: +14.2%The North West: +9.1%UK: +9.5%

Highest and lowest annual growth in the North West

Warrington: +20.4%Barrow: +3.6%