Stockport house prices increased more than North West average in October
House prices increased by 1.1% – more than the average for the North West – in Stockport in October, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 15.7% over the last year.
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Hide AdThe average Stockport house price in October was £307,521, Land Registry figures show – a 1.1% increase on September.
Over the month, the picture was different to that across the North West, where prices increased 0.5%, and Stockport was above the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in Stockport rose by £42,000 – putting the area seventh among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in Warrington, where property prices increased on average by 17.6%, to £267,000. At the other end of the scale, properties in Rossendale gained 4.6% in value, giving an average price of £189,000.
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Hide AdAverage UK house prices increased by 12.6% in the year to October, accelerating from 9.9% in September.
The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.
The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.
Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.
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Hide Ad“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates."
First steps on the property ladder
First-time buyers in Stockport spent an average of £248,000 on their property – £34,000 more than a year ago, and £77,000 more than in October 2017.
By comparison, former owner-occupiers paid £355,000 on average in October – 43.4% more than first-time buyers.
Property types
Owners of detached houses saw the biggest rise in property prices in Stockport in October – they increased 1.3%, to £533,470 on average. Over the last year, prices rose by 15.2%.
Among other types of property:
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Hide AdSemi-detached: up 1% monthly; up 16.2% annually; £329,553 averageTerraced: up 1% monthly; up 16.6% annually; £236,105 averageFlats: up 0.8% monthly; up 12.2% annually; £174,898 average
How do property prices in Stockport compare?
Buyers paid 39.6% more than the average price in the North West (£220,000) in October for a property in Stockport. Across the North West, property prices are high compared to those across the UK, where the average cost £296,000.
The most expensive properties in the North West were in Trafford – £374,000 on average, and 1.2 times as much as more than in Stockport. Trafford properties cost 3.1 times as much as homes in Burnley (£120,000 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 October
Stockport: £307,521The North West:£220,292UK: £296,422
Annual growth to October
Stockport: +15.7%The North West: +16.1%UK: +12.6%
Highest and lowest annual growth in the North West
Warrington: +17.6%Rossendale: +4.6%