Trafford house prices increased in January

EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.

House prices increased by 1.9% in Trafford in January, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 7.9% annual growth.

The average Trafford house price in January was £346,934, Land Registry figures show – a 1.9% increase on December.

Over the month, the picture was better than that across the North West, where prices decreased 0.3%, and Trafford outperformed the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Trafford rose by £26,000 – 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 Tameside, where property prices increased on average by 19.1%, to £200,000. At the other end of the scale, properties in Allerdale gained just 2.5% in value, giving an average price of £170,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Trafford in January – they increased 2.1%, to £290,612 on average. Over the last year, prices rose by 7.4%.

Among other types of property:

Detached: up 1% monthly; up 10.4% annually; £652,856 averageSemi-detached: up 1.9% monthly; up 8.8% annually; £384,577 averageFlats: up 2% monthly; up 5.3% annually; £212,180 average

First steps on the property ladder

First-time buyers in Trafford spent an average of £286,000 on their property – £19,000 more than a year ago, and £71,000 more than in January 2017.

By comparison, former owner-occupiers paid £393,000 on average in January – 37.4% 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 January. The average price paid would buy 3.1 homes in Burnley (£110,000), 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 £274,000.

Factfile

Average property price in January

Trafford: £346,934The North West:£199,791UK: £273,762

Annual growth to January

Trafford: +7.9%The North West: +9.6%UK: +9.6%

Best and worst annual growth in the North West

Tameside: +19.1%Allerdale: +2.5%