Salford house prices increased slightly in January

House prices increased slightly, by 0.5%, in Salford in January, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 8.3% annual growth.

The average Salford house price in January was £197,047, Land Registry figures show – a 0.5% increase on December.

Over the month, the picture was better than that across the North West, where prices decreased 0.3%, and Salford outperformed the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Salford rose by £15,000 – putting the area 29th among the North West’s 39 local authorities with price data for annual growth.

The best annual growth in the region was in Tameside, where property prices increased on average by 19.1%, to £200,000. At the other end of the scale, properties in Allerdale gained just 2.5% in value, giving an average price of £170,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Salford in January – they increased 0.6%, to £174,732 on average. Over the last year, prices rose by 6.9%.

Among other types of property:

Detached: up 0.1% monthly; up 12.2% annually; £372,687 averageSemi-detached: up 0.6% monthly; up 9% annually; £237,896 averageFlats: up 0.5% monthly; up 7.2% annually; £153,773 average

First steps on the property ladder

First-time buyers in Salford spent an average of £173,000 on their property – £13,000 more than a year ago, and £42,000 more than in January 2017.

By comparison, former owner-occupiers paid £220,000 on average in January – 26.7% more than first-time buyers.

How do property prices in Salford compare?

Buyers paid 1.4% less than the average price in the North West (£200,000) in January for a property in Salford. Across the North West, property prices are roughly the same as those across the UK, where the average cost £274,000.

The most expensive properties in the North West were in Trafford – £347,000 on average, and 1.8 times as much as more than in Salford. Trafford properties cost 3.1 times as much as homes in Burnley (£110,000 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 January

Salford: £197,047The North West:£199,791UK: £273,762

Annual growth to January

Salford: +8.3%The North West: +9.6%UK: +9.6%

Best and worst annual growth in the North West

Tameside: +19.1%Allerdale: +2.5%