Salford house prices increased in October

House prices increased by 4.2% in Salford in October, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.2% annual decline.

The average Salford house price in October was £214,692, Land Registry figures show – a 4.2% increase on September.

Over the month, the picture was different to that across the North West, where prices decreased 0.4%, and Salford was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Salford fell by £530 – 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 St Helens, where property prices increased on average by 5.5%, to £185,000. At the other end of the scale, properties in Tameside lost 4.6% of their value, giving an average price of £204,000.

First steps on the property ladder

First-time buyers in Salford spent an average of £188,930 on their property – £180 less than a year ago, but £43,170 more than in October 2018.

By comparison, former owner-occupiers paid £239,150 on average in October – 26.6% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Salford in October – they increased 4.4%, to £165,497 on average. Over the last year, prices rose by 2.5%.

Among other types of property:

• Detached: up 4.3% monthly; down 0.5% annually; £402,046 average
• Semi-detached: up 4.1% monthly; down 1.1% annually; £260,542 average
• Terraced: up 3.9% monthly; down 2.3% annually; £191,519 average

How do property prices in Salford compare?

Buyers paid roughly the same as the average price in the North West (£216,000) in October for a property in Salford. Across the North West, property prices are low compared to those across the UK, where the average cost is £288,000.

The most expensive properties in the North West were in Trafford – £375,000 on average, and 1.7 times the price as in Salford. Trafford properties cost 3.3 times the price as homes in Burnley (£114,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

• Salford: £214,692
• The North West:£215,719
• UK: £287,782

Annual change to October

• Salford: -0.2%
• The North West: -0.4%
• UK: -1.2%

Highest and lowest annual growth in the North West

• St Helens: +5.5%
• Tameside: -4.6%