Trafford house prices increased slightly in November

House prices increased slightly, by 0.2%, in Trafford in November, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 10.7% over the last year.

The average Trafford house price in November was £375,578, Land Registry figures show – a 0.2% increase on October.

Over the month, the picture was similar to that across the North West, where prices increased 0.4%, and Trafford was above the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in Trafford rose by £36,000 – putting the area 32nd among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in Allerdale, where property prices increased on average by 15.6%, to £194,000. At the other end of the scale, properties in West Lancashire gained 9.1% in value, giving an average price of £225,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in Trafford spent an average of £310,000 on their property – £30,000 more than a year ago, and £84,000 more than in November 2017.

By comparison, former owner-occupiers paid £425,000 on average in November – 36.9% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Trafford in November – they increased 0.3%, to £418,395 on average. Over the last year, prices rose by 11.3%.

Among other types of property:

Detached: up 0.1% monthly; up 9.4% annually; £704,001 averageTerraced: up 0.1% monthly; up 12.1% annually; £318,373 averageFlats: up 0% monthly; up 8.1% annually; £223,628 average

How do property prices in Trafford compare?

Buyers paid more for properties in Trafford than anywhere else in the North West in November. The average price paid would buy 3.2 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 £295,000.

Factfile

Average property price in November

Trafford: £375,578The North West:£221,224UK: £294,910

Annual growth to November

Trafford: +10.7%The North West: +13.5%UK: +10.3%

Highest and lowest annual growth in the North West

Allerdale: +15.6%West Lancashire: +9.1%