Salford house prices increased in July

House prices increased by 1% in Salford in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 14.1% annual growth.

The average Salford house price in July was £213,008, Land Registry figures show –a 1% increase on June.

Over the month, the picture was less good than that across the North West, where prices increased 2.5%, and Salford underperformed compared to the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in Salford rose by £26,000 – putting the area ninth among the North West’s 39 local authorities with price data for annual growth.

The best annual growth in the region was in Hyndburn, where property prices increased on average by 16.4%, to £134,000. At the other end of the scale, properties in Pendle gained just 4.4% in value, giving an average price of £130,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Salford in July – they increased 1.1%, to £191,346 on average. Over the last year, prices rose by 13.6%.

Among other types of property:

Detached: up 0.6% monthly; up 15.3% annually; £394,063 averageSemi-detached: up 1.1% monthly; up 15.1% annually; £257,946 averageFlats: up 1% monthly; up 12.7% annually; £164,630 average

First steps on the property ladder

First-time buyers in Salford spent an average of £188,000 on their property – £23,000 more than a year ago, and £51,000 more than in July 2017.

By comparison, former owner-occupiers paid £237,000 on average in July – 26% more than first-time buyers.

How do property prices in Salford compare?

Buyers paid 1.9% less than the average price in the North West (£217,000) in July for a property in Salford. Across the North West, property prices are roughly the same as those across the UK, where the average cost £292,000.

The most expensive properties in the North West were in Trafford – £363,000 on average, and 1.7 times as much as more than in Salford. Trafford properties cost three times as much as homes in Burnley (£120,000 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 July

Salford: £213,008The North West:£217,077UK: £292,118

Annual growth to July

Salford: +14.1%The North West: +18.1%UK: +15.5%

Best and worst annual growth in the North West

Hyndburn: +16.4%Pendle: +4.4%