Stockport house prices dropped more than North West average in May

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices dropped by 1.6% – more than the average for the North West – in Stockport in May, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 9.5% over the last year.

The average Stockport house price in May was £278,220, Land Registry figures show – a 1.6% decrease on April.

Over the month, the picture was different to that across the North West, where prices decreased 0.2%, and Stockport was lower than the 1.2% rise for the UK as a whole.

Over the last year, the average sale price of property in Stockport rose by £24,000 – putting the area 28th among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in Knowsley, where property prices increased on average by 20.5%, to £177,000. At the other end of the scale, properties in Allerdale remained level at £169,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said:“The average house price hit another record high in May, and rose faster than any time since the peak in June last year.

"However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."

First steps on the property ladder

First-time buyers in Stockport spent an average of £224,000 on their property – £19,000 more than a year ago, and £56,000 more than in May 2017.

By comparison, former owner-occupiers paid £321,000 on average in May – 43.2% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices Stockport in May – they dropped 2% in price, to £160,276 on average. But over the last year, prices rose by 4.8%.

Among other types of property:

Detached: down 1.8% monthly; up 10.9% annually; £483,011 averageSemi-detached: down 1.6% monthly; up 10.3% annually; £297,527 averageTerraced: down 1.2% monthly; up 9.5% annually; £213,066 average

How do property prices in Stockport compare?

Buyers paid 35.2% more than the average price in the North West (£206,000) in May for a property in Stockport. Across the North West, property prices are high compared to those across the UK, where the average cost £283,000.

The most expensive properties in the North West were in Trafford – £353,000 on average, and 1.3 times as much as more than in Stockport. Trafford properties cost 3.2 times as much as homes in Burnley (£112,000 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 May

Stockport: £278,220The North West:£205,783UK: £283,496

Annual growth to May

Stockport: +9.5%The North West: +11.5%UK: +12.8%

Highest and lowest annual growth in the North West

Knowsley: +20.5%Allerdale: 0%