Knowsley house prices leapt 5.6% in a month - yearly growth rate highest in the North West

House prices leapt by 5.6% in Knowsley in a single month, latest figures show.

The significant rise contributes to the longer-term trend, which has seen property prices in the area grow by 20.5% over the last year – the highest in the North West.

The average Knowsley house price in May was £176,562, Land Registry figures show – a 5.6% increase on April.

Over the month, the picture was different to that across the North West, where prices decreased 0.2%, and Knowsley was above the 1.2% rise for the UK as a whole.

Over the last year, the average sale price of property in Knowsley rose by £30,000 – putting the area top among the North West’s 39 local authorities with price data for annual growth.

At the other end of the scale, properties in Allerdale remained level at £169,000.

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.

Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said:“The average house price hit another record high in May, and rose faster than any time since the peak in June last year.

"However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."

First steps on the property ladder

First-time buyers in Knowsley spent an average of £154,000 on their property – £26,000 more than a year ago, and £45,000 more than in May 2017.

By comparison, former owner-occupiers paid £194,000 on average in May – 26.2% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Knowsley in May – they increased 6.2%, to £133,940 on average. Over the last year, prices rose by 18.7%.

Among other types of property:

Detached: up 5% monthly; up 22.8% annually; £297,384 averageSemi-detached: up 5.6% monthly; up 20.7% annually; £183,526 averageFlats: up 5.6% monthly; up 14.2% annually; £87,749 average

How do property prices in Knowsley compare?

Buyers paid 14.2% less than the average price in the North West (£206,000) in May for a property in Knowsley. Across the North West, property prices are lower than those across the UK, where the average cost £283,000.

The most expensive properties in the North West were in Trafford – £353,000 on average, and twice as much as more than in Knowsley. Trafford properties cost 3.2 times as much as homes in Burnley (£112,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in May

Knowsley: £176,562The North West:£205,783UK: £283,496

Annual growth to May

Knowsley: +20.5%The North West: +11.5%UK: +12.8%

Highest and lowest annual growth in the North West

Knowsley: +20.5%Allerdale: 0%