Stockport house prices dropped slightly in November
House prices dropped slightly, by 0.7%, in Stockport in November, 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.
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Hide AdThe average Stockport house price in November was £305,829, Land Registry figures show – a 0.7% decrease on October.
Over the month, the picture was different to that across the North West, where prices increased 0.4%, and Stockport was lower than the 0.3% 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 20th among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in Allerdale, where property prices increased on average by 15.6%, to £194,000. At the other end of the scale, properties in West Lancashire gained 9.1% in value, giving an average price of £225,000.
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Hide AdThe average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.
Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.
Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."
And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”
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Hide AdFirst steps on the property ladder
First-time buyers in Stockport spent an average of £246,000 on their property – £28,000 more than a year ago, and £74,000 more than in November 2017.
By comparison, former owner-occupiers paid £353,000 on average in November – 43.4% more than first-time buyers.
Property types
Owners of flats saw the biggest fall in property prices Stockport in November – they dropped 0.9% in price, to £173,527 on average. But over the last year, prices rose by 9.2%.
Among other types of property:
Detached: down 0.7% monthly; up 12.2% annually; £530,561 averageSemi-detached: down 0.7% monthly; up 13.4% annually; £327,995 averageTerraced: down 0.7% monthly; up 13.9% annually; £234,619 average
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Hide AdHow do property prices in Stockport compare?
Buyers paid 38.2% more than the average price in the North West (£221,000) in November for a property in Stockport. Across the North West, property prices are high compared to those across the UK, where the average cost £295,000.
The most expensive properties in the North West were in Trafford – £376,000 on average, and 1.2 times as much as more than in Stockport. Trafford properties cost 3.2 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 November
Stockport: £305,829The North West:£221,224UK: £294,910
Annual growth to November
Stockport: +12.8%The North West: +13.5%UK: +10.3%
Highest and lowest annual growth in the North West
Allerdale: +15.6%West Lancashire: +9.1%