Trafford house prices dropped more than North West average in May

House prices dropped by 0.5% – more than the average for the North West – in Trafford in May, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1% over the last year.

The average Trafford house price in May was £359,568, Land Registry figures show – a 0.5% decrease on April.

Over the month, the picture was similar to that across the North West, where prices decreased 0.2%, and Trafford was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Trafford rose by £3,600 – putting the area 31st among the North West’s 35 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 12%, to £239,000. At the other end of the scale, properties in Hyndburn lost 1.3% of their value, giving an average price of £118,000.

First steps on the property ladder

First-time buyers in Trafford spent an average of £296,600 on their property – £2,700 more than a year ago, and £71,300 more than in May 2018.

By comparison, former owner-occupiers paid £407,500 on average in May – 37.4% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest fall in property prices in Trafford in May – they dropped 0.7% in price, to £398,797 on average. But over the last year, prices rose by 0.9%.

Among other types of property:

• Detached: down 0.1% monthly; up 1% annually; £682,439 average
• Terraced: down 0.6% monthly; up 0.8% annually; £301,994 average
• Flats: down 0.3% monthly; up 1.3% annually; £216,784 average

How do property prices in Trafford compare?

Buyers paid more for properties in Trafford than anywhere else in the North West in May. The average price paid would buy 3.2 homes in Burnley (£111,000), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Across the North West, property prices are low compared to those across the UK, where the average cost is £286,000.

Factfile

Average property price in May

• Trafford: £359,568
• The North West:£211,790
• UK: £285,861

Annual growth to May

• Trafford: +1%
• The North West: +2.7%
• UK: +1.9%

Highest and lowest annual growth in the North West

• West Lancashire: +12%
• Hyndburn: -1.3%