Trafford house prices increased more than North West average in August

House prices increased by 2.1% – more than the average for the North West – in Trafford in August, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 13.9% over the last year.

The average Trafford house price in August was £370,874, Land Registry figures show – a 2.1% increase on July.

Over the month, the picture was different to that across the North West, where prices increased 0.4%, and Trafford was above the 0.9% rise 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 14th among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in Fylde, where property prices increased on average by 18.7%, to £256,000. At the other end of the scale, properties in Barrow gained 0.6% in value, giving an average price of £141,000.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But experts say expectations have changed significantly in recent weeks amid mortgage rate rises, with the likelihood of a dampening effect on house price growth.

According to figures from Moneyfacts.co.uk On Wednesday, the average two-year fixed-rate mortgage on the market has a rate of 6.52% and the average five-year fix is at 6.36%.

There are around 900 fewer mortgage products available than there were on the day of the mini-budget in September.

Chris Druce, senior research analyst at Knight Frank, said: “Current activity in the housing market is being shaped by mortgage status.

“Those that can are pushing on and securing deals ahead of further increases, while others have paused plans to digest events.

“With affordability set to be a growing barrier for many homebuyers in the coming months, we forecast house price growth will slow from here, with price falls in 2023.”

First steps on the property ladder

First-time buyers in Trafford spent an average of £307,000 on their property – £38,000 more than a year ago, and £79,000 more than in August 2017.

By comparison, former owner-occupiers paid £419,000 on average in August – 36.2% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Trafford in August – they increased 2.4%, to £314,486 on average. Over the last year, prices rose by 14.8%.

Among other types of property:

Detached: up 1.6% monthly; up 12.4% annually; £688,798 averageSemi-detached: up 2% monthly; up 14.6% annually; £411,485 averageFlats: up 2.1% monthly; up 12.1% annually; £224,826 average

How do property prices in Trafford compare?

Buyers paid more for properties in Trafford than anywhere else in the North West in August. The average price paid would buy 3.1 homes in Burnley (£121,000), 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 £296,000.

Factfile

Average property price in August

Trafford: £370,874The North West:£219,025UK: £295,903

Annual growth to August

Trafford: +13.9%The North West: +15.3%UK: +13.6%

Highest and lowest annual growth in the North West

Fylde: +18.7%Barrow: +0.6%