Where is the cheapest area in Merseyside to buy a house?
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First time home buyers often seek out the more affordable end of the property market, while people aiming to climb the property ladder want to locate areas where prices are on the rise.
A new House Price Report, produced by Cardinal Steels and Online Marketing Surgery using data from the Office for National Statistics, has revealed which boroughs in Merseyside fit into each category.
The survey uses figures from the Land Registry House Price Index to determine which areas have the lowest and highest average house prices, as well as how much the prices have increased or decreased from November 2022 to 2023.
The Land Registry states that the average house price in the UK is £284,950, as of November 2023, and that property prices have fallen by 2.1% nationally compared to 2022. But how does Merseyside compare to the UK average?
Risen and fall of house prices in Merseyside
Wirral has the highest average house price in Merseyside, at £216,733 in November 2023. The region also the largest rise in the average property price - a 2.3% increase since November 2022, when the average cost of £211,893.
Sefton is the second most expensive area to buy a house in Merseyside. The average cost of a house was £213,206, demonstrating a 1.2% increase from 2022, when the average price was £210,744.
Liverpool had an average cost of £177,521 in November 2023. which represents a 1.1% decrease from the 2022 figures, when the average cost of a property was £179,577.
St Helens endured a 1.2% decrease in property values with prices of £175,465 in November 2023 compared to £177,795 the previous year.
Knowsley has had the biggest drop in the average cost of a home in Merseyside, becoming the most budget-friendly borough in the region. A 4.9% decrease saw houses prices drop from an average of £178,300 in 2022, to £169,568 last November.
House Price Report figures also revealed Merseyside has a cheaper average property price than nearby counties. At £190,499, the region is around £1500 cheaper than the average price in Lancashire and nearly £40,000 cheaper than the average cost of £230,435 in Greater Manchester.