Trafford house prices increased more than North West average in October

House prices increased by 0.9% – more than the average for the North West – in Trafford in October, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 12% over the last year.

The average Trafford house price in October was £374,353, Land Registry figures show – a 0.9% increase on September.

Over the month, the picture was similar to that across the North West, where prices increased 0.5%, and Trafford was above the 0.3% 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 23rd among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in Warrington, where property prices increased on average by 17.6%, to £267,000. At the other end of the scale, properties in Rossendale gained 4.6% in value, giving an average price of £189,000.

Average UK house prices increased by 12.6% in the year to October, accelerating from 9.9% in September.

The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.

The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.

“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates."

First steps on the property ladder

First-time buyers in Trafford spent an average of £310,000 on their property – £34,000 more than a year ago, and £81,000 more than in October 2017.

By comparison, former owner-occupiers paid £424,000 on average in October – 36.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Trafford in October – they increased 0.9%, to £701,945 on average. Over the last year, prices rose by 10.5%.

Among other types of property:

Semi-detached: up 0.8% monthly; up 12.4% annually; £416,131 averageTerraced: up 0.9% monthly; up 13.5% annually; £318,043 averageFlats: up 0.9% monthly; up 9.8% annually; £223,587 average

How do property prices in Trafford compare?

Buyers paid more for properties in Trafford than anywhere else in the North West in October. The average price paid would buy 3.1 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 £296,000.

Factfile

Average property price in October

Trafford: £374,353The North West:£220,292UK: £296,422

Annual growth to October

Trafford: +12%The North West: +16.1%UK: +12.6%

Highest and lowest annual growth in the North West

Warrington: +17.6%Rossendale: +4.6%