Liverpool house prices rise while Manchester sees decline

Figures from the Office for National Statistics (ONS) show the average Liverpool house price in the year to September was £185,535 – a 2.8% increase on the data from August. The North West average was just 0.4% growth, while properties in Manchester lost 1.4% of their value.

The rise in Liverpool contributes to the longer-term trend in the area, which has seen property prices grow by 1.3% over the last year. It means the city ranked 32nd among the North West’s 35 local authorities for annual growth, with the average price in Liverpool rising by £2,400 over the past year.

The rest of Merseyside has also seen prices rise over the year this year, with Wirral property values increasing by £8,200, St Helens by £16,000, Sefton by £6,000 and Knowsley by £7,400.

Across the UK, average house prices in September fell slightly on the month before, but have accelerated by 2.9% over the past year. Separate figures from the ONS show the Consumer Prices Index (CPI) inflation jumped to 2.3% in October, up from 1.7% the previous month.

David Hollingworth, associate director at L&C Mortgages, said the jump in inflation could "bring further headaches for mortgage borrowers". He said inflation lifting above the Bank of England's 2% target is "not a shock", but added it is higher than many had expected.

He said fixed rate mortgages have climbed in recent weeks, adding: "Those increases are due to the less optimistic forecast for interest rates and today's figures will do nothing to change that. Although still expected to fall, the growing expectation has been for rates to fall more slowly and not as far as previously anticipated."

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