Trafford house prices increased in December

House prices increased by 1.6% in Trafford in December, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 13.1% over the last year.

The average Trafford house price in December was £384,147, Land Registry figures show – a 1.6% increase on November.

Over the month, the picture was different to that across the North West, where prices decreased 0.1%, and Trafford was above the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in Trafford rose by £45,000 – putting the area 24th among the North West’s 39 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 23.8%, to £244,000. At the other end of the scale, properties in South Lakeland gained 5.9% in value, giving an average price of £287,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in Trafford spent an average of £318,000 on their property – £38,000 more than a year ago, and £91,000 more than in December 2017.

By comparison, former owner-occupiers paid £434,000 on average in December – 36.5% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Trafford in December – they increased 1.9%, to £229,782 on average. Over the last year, prices rose by 11.8%.

Among other types of property:

Detached: up 1.5% monthly; up 11.8% annually; £722,327 averageSemi-detached: up 1.5% monthly; up 13.2% annually; £427,061 averageTerraced: up 1.6% monthly; up 14.5% annually; £325,385 average

How do property prices in Trafford compare?

Buyers paid more for properties in Trafford than anywhere else in the North West in December. The average price paid would buy 3.3 homes in Burnley (£118,000), 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 £294,000.

Factfile

Average property price in December

Trafford: £384,147The North West:£221,101UK: £294,329

Annual growth to December

Trafford: +13.1%The North West: +12.2%UK: +9.8%

Highest and lowest annual growth in the North West

West Lancashire: +23.8%South Lakeland: +5.9%