HOUSE prices dropped by 1% – more than the average for the North West – in Wirral in October, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.5% annual decline.
The average Wirral house price in October was £210,969, Land Registry figures show – a 1% decrease on September.
Over the month, the picture was different to that across the North West, where prices decreased 0.4%, and Wirral was lower than the 0.7% drop for the UK as a whole.
Over the last year, the average sale price of property in Wirral fell by £1,100 – putting the area 22nd among the North West’s 35 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 5.5%, to £185,000. At the other end of the scale, properties in Tameside lost 4.6% of their value, giving an average price of £204,000.
First steps on the property ladder
First-time buyers in Wirral spent an average of £177,200 on their property – £1,300 less than a year ago, but £39,500 more than in October 2018.
By comparison, former owner-occupiers paid £243,200 on average in October – 37.3% more than first-time buyers.
Property types
Owners of flats saw the biggest fall in property prices in Wirral in October – they dropped 1.2% in price, to £121,373 on average. Over the last year, prices dropped by 2.1%.
Among other types of property:
- Detached: down 0.7% monthly; up 0.7% annually; £364,939 average
- Semi-detached: down 1% monthly; down 0.1% annually; £237,541 average
- Terraced: down 0.9% monthly; down 1% annually; £161,223 average
How do property prices in Wirral compare?
Buyers paid 2.2% less than the average price in the North West (£216,000) in October for a property in Wirral. Across the North West, property prices are low compared to those across the UK, where the average cost is £288,000.
The most expensive properties in the North West were in Trafford – £375,000 on average, and 1.8 times the price as in Wirral. Trafford properties cost 3.3 times the price as homes in Burnley (£114,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.
Factfile
Average property price in October
- Wirral: £210,969
- The North West: £215,719
- UK: £287,782
Annual change to October
- Wirral: -0.5%
- The North West: -0.4%
- UK: -1.2%
Highest and lowest annual growth in the North West
- St Helens: +5.5%
- Tameside: -4.6%
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