Stockport house prices dropped slightly in August

House prices dropped slightly, by 0.7%, in Stockport in August, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.6% annual decline.

The average Stockport house price in August was £295,583, Land Registry figures show – a 0.7% decrease on July.

Over the month, the picture was different to that across the North West, where prices remained static, and Stockport was lower than the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Stockport fell by £4,800 – putting the area 30th among the North West’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Ribble Valley, where property prices increased on average by 6.8%, to £284,000. At the other end of the scale, properties in Burnley lost 5.6% of their value, giving an average price of £111,000.

First steps on the property ladder

First-time buyers in Stockport spent an average of £237,500 on their property – £4,900 less than a year ago, but £56,300 more than in August 2018.

By comparison, former owner-occupiers paid £342,400 on average in August – 44.2% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Stockport in August – they dropped 1.3% in price, to £169,111 on average. Over the last year, prices dropped by 2.1%.

Among other types of property:

• Detached: down 0.6% monthly; down 0.9% annually; £514,375 average
• Semi-detached: down 0.5% monthly; down 1.4% annually; £317,410 average
• Terraced: down 0.7% monthly; down 2.4% annually; £225,118 average

How do property prices in Stockport compare?

Buyers paid 37% more than the average price in the North West (£216,000) in August for a property in Stockport. Across the North West, property prices are low compared to those across the UK, where the average cost is £291,000.

The most expensive properties in the North West were in Trafford – £372,000 on average, and 1.3 times the price as in Stockport. Trafford properties cost 3.4 times the price as homes in Burnley (£111,000 average), at the other end of the scale.

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

Factfile

Average property price in August

• Stockport: £295,583
• The North West:£215,791
• UK: £291,044

Annual change to August

• Stockport: -1.6%
• The North West: +0.4%
• UK: +0.2%

Highest and lowest annual growth in the North West

• Ribble Valley: +6.8%
• Burnley: -5.6%