Greater Manchester house prices increased slightly in July
House prices increased slightly, by 0.6%, in Greater Manchester in July, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 14% annual growth.
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Hide AdThe average Greater Manchester house price in July was £204,132, Land Registry figures show – a 0.6% increase on June.
Over the month, the picture was better than that across the North West, where prices decreased 7.6%, and Greater Manchester outperformed the 3.7% drop for the UK as a whole.
Over the last year, the average sale price of property in Greater Manchester rose by £25,000 – putting the area 18th among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in Rossendale, where property prices increased on average by 19.9%, to £169,000. At the other end of the scale, properties in Hyndburn gained 4.4% in value, giving an average price of £105,000.
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Hide AdWinners and Losers
Owners of flats saw the biggest improvement in property prices in Greater Manchester in July – they increased 0.8%, to £158,967 on average. Over the last year, prices rose by 11.1%.
Among other types of property:
Detached: up 0.7% monthly; up 15.6% annually; £352,761 averageSemi-detached: up 0.7% monthly; up 13.8% annually; £226,871 averageTerraced: up 0.5% monthly; up 14.9% annually; £164,082 average
First steps on the property ladder
First-time buyers in Greater Manchester spent an average of £176,000 on their property – £22,000 more than a year ago, and £45,000 more than in July 2016.
By comparison, former owner-occupiers paid £230,000 on average in July – 30.6% more than first-time buyers.
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Hide AdHow do property prices in Greater Manchester compare?
Buyers paid 10.2% more than the average price in the North West (£185,000) in July for a property in Greater Manchester. Across the North West, property prices are low compared to those across the UK, where the average cost £256,000.
The most expensive properties in the North West were in Trafford – £324,000 on average, and 1.6 times as much as in Greater Manchester. Trafford properties cost 3.2 times as much as homes in Burnley (£101,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).
Factfile
Average property price in July
Greater Manchester: £204,132The North West:£185,171UK: £255,535
Annual growth to July
Greater Manchester: +14%The North West: +8.1%UK: +8%
Best and worst annual growth in the North West
Rossendale: +19.9%Hyndburn: +4.4%