Salford house prices dropped slightly in March

House prices dropped slightly, by 0.8%, in Salford in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 8% over the last year.

The average Salford house price in March was £217,856, Land Registry figures show – a 0.8% decrease on February.

Over the month, the picture was similar to that across the North West, where prices decreased 1.3%, and Salford was above the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in Salford rose by £16,000 – putting the area 12th 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 Salford spent an average of £192,000 on their property – £15,000 more than a year ago, and £50,000 more than in March 2018.

By comparison, former owner-occupiers paid £242,000 on average in March – 26.1% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Salford in March – they dropped 1.7% in price, to £192,648 on average. But over the last year, prices rose by 6.4%.

Among other types of property:

How do property prices in Salford compare?

Buyers paid 2.9% more than the average price in the North West (£212,000) in March for a property in Salford. 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 1.7 times as much as more than in Salford. 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

Annual growth to March

Highest and lowest annual growth in the North West