Stockport house prices dropped slightly in December

House prices dropped slightly, by 0.1%, in Stockport in December, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 12.8% over the last year.

The average Stockport house price in December was £306,119, Land Registry figures show – a 0.1% decrease on November.

Over the month, the picture was similar to that across the North West, where prices decreased 0.1%, and Stockport was above the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in Stockport rose by £35,000 – putting the area 26th among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in West Lancashire, where property prices increased on average by 23.8%, to £244,000. At the other end of the scale, properties in South Lakeland gained 5.9% in value, giving an average price of £287,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in Stockport spent an average of £247,000 on their property – £29,000 more than a year ago, and £74,000 more than in December 2017.

By comparison, former owner-occupiers paid £354,000 on average in December – 43.2% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices Stockport in December – they dropped 0.2% in price, to £532,142 on average. But over the last year, prices rose by 12%.

Among other types of property:

Semi-detached: down 0.2% monthly; up 13% annually; £327,936 averageTerraced: down 0.2% monthly; up 13.8% annually; £234,509 averageFlats: up 0.1% monthly; up 10.5% annually; £174,507 average

How do property prices in Stockport compare?

Buyers paid 38.5% more than the average price in the North West (£221,000) in December for a property in Stockport. Across the North West, property prices are high compared to those across the UK, where the average cost £294,000.

The most expensive properties in the North West were in Trafford – £384,000 on average, and 1.3 times as much as more than in Stockport. Trafford properties cost 3.3 times as much as homes in Burnley (£118,000 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 December

Stockport: £306,119The North West:£221,101UK: £294,329

Annual growth to December

Stockport: +12.8%The North West: +12.2%UK: +9.8%

Highest and lowest annual growth in the North West

West Lancashire: +23.8%South Lakeland: +5.9%