Trafford house prices increased in June

House prices increased by 2.1% in Trafford in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 12.3% over the last year.

The average Trafford house price in June was £362,475, Land Registry figures show – a 2.1% increase on May.

Over the month, the picture was similar to that across the North West, where prices increased 2.1%, and Trafford was above the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in Trafford rose by £40,000 – putting the area 10th among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in St Helens, where property prices increased on average by 19.5%, to £184,000. At the other end of the scale, properties in Allerdale gained 1.1% in value, giving an average price of £175,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in Trafford spent an average of £300,000 on their property – £32,000 more than a year ago, and £77,000 more than in June 2017.

By comparison, former owner-occupiers paid £410,000 on average in June – 36.5% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Trafford in June – they increased 2.5%, to £307,129 on average. Over the last year, prices rose by 12.5%.

Among other types of property:

Detached: up 1.4% monthly; up 14% annually; £678,634 averageSemi-detached: up 2.2% monthly; up 13.4% annually; £402,362 averageFlats: up 2.1% monthly; up 8.6% annually; £218,453 average

How do property prices in Trafford compare?

Buyers paid more for properties in Trafford than anywhere else in the North West in June. The average price paid would buy three homes in Burnley (£120,000), 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 £286,000.

Factfile

Average property price in June

Trafford: £362,475The North West:£212,347UK: £286,397

Annual growth to June

Trafford: +12.3%The North West: +6.2%UK: +7.8%

Highest and lowest annual growth in the North West

St Helens: +19.5%Allerdale: +1.1%