Salford house prices dropped slightly in August

House prices dropped slightly, by 0.2%, in Salford 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 1.1% over the last year.

The average Salford house price in August was £211,868, Land Registry figures show – a 0.2% decrease on July.

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

Over the last year, the average sale price of property in Salford rose by £2,400 – putting the area 18th 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 Salford spent an average of £186,600 on their property – £2,500 more than a year ago, and £47,500 more than in August 2018.

By comparison, former owner-occupiers paid £235,800 on average in August – 26.4% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Salford in August – they dropped 0.4% in price, to £165,437 on average. But over the last year, prices rose by 5.2%.

Among other types of property:

• Detached: down 0.2% monthly; up 0.4% annually; £394,105 average
• Semi-detached: down 0% monthly; down 0.2% annually; £255,767 average
• Terraced: down 0.2% monthly; down 1.5% annually; £187,984 average

How do property prices in Salford compare?

Buyers paid 1.8% less than the average price in the North West (£216,000) in August for a property in Salford. 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 1.8 times the price as in Salford. 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

• Salford: £211,868
• The North West:£215,791
• UK: £291,044

Annual growth to August

• Salford: +1.1%
• The North West: +0.4%
• UK: +0.2%

Highest and lowest annual growth in the North West

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