Trafford house prices dropped slightly in March

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices dropped slightly, by 0.4%, in Trafford in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 7.8% annual growth.

The average Trafford house price in March was £350,757, Land Registry figures show – a 0.4% decrease on February.

Over the month, the picture was worse than that across the North West, where prices increased 0.4%, and Trafford underperformed compared to the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Trafford rose by £25,000 – putting the area 30th among the North West’s 39 local authorities with price data for annual growth.

The best annual growth in the region was in Hyndburn, where property prices increased on average by 22.6%, to £129,000. At the other end of the scale, properties in Barrow gained just 3.4% in value, giving an average price of £138,000.

Winners and Losers

Owners of terraced houses fared worst in Trafford in March – they dropped 0.5% in price, to £293,997 on average. But over the last year, prices rose by 7.2%.

Among other types of property:

Detached: down 0.5% monthly; up 10.1% annually; £657,336 averageSemi-detached: down 0.3% monthly; up 8.7% annually; £388,912 averageFlats: down 0.5% monthly; up 5.2% annually; £214,655 average

First steps on the property ladder

First-time buyers in Trafford spent an average of £290,000 on their property – £20,000 more than a year ago, and £76,000 more than in March 2017.

By comparison, former owner-occupiers paid £396,000 on average in March – 36.5% more than first-time buyers.

How do property prices in Trafford compare?

Buyers paid more for properties in Trafford than anywhere else in the North West in March. 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 high compared to those across the UK, where the average cost £278,000.

Factfile

Average property price in March

Trafford: £350,757The North West:£205,121UK: £278,436

Annual growth to March

Trafford: +7.8%The North West: +9.7%UK: +9.8%

Best and worst annual growth in the North West

Hyndburn: +22.6%Barrow: +3.4%