Knowsley house prices dropped more than North West average in February

House prices dropped by 2.2% – more than the average for the North West – in Knowsley in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 10.3% annual growth.

The average Knowsley house price in February was £178,643, Land Registry figures show – a 2.2% decrease on January.

Over the month, the picture was worse than that across the North West, where prices decreased 0.6%, and Knowsley underperformed compared to the 1% drop for the UK as a whole.

Over the last year, the average sale price of property in Knowsley rose by £17,000 – putting the area 13th among the North West’s 35 local authorities with price data for annual growth.

The best annual growth in the region was in Fylde, where property prices increased on average by 14.2%, to £247,000. At the other end of the scale, properties in Westmorland and Furness gained just 2.4% in value, giving an average price of £224,000.

Winners and Losers

Owners of terraced houses fared worst in Knowsley in February – they dropped 2.6% in price, to £134,949 on average. But over the last year, prices rose by 9.3%.

Among other types of property:

• Detached: down 1.8% monthly; up 12.3% annually; £302,480 average
• Semi-detached: down 2.2% monthly; up 10.1% annually; £185,909 average
• Flats: down 2% monthly; up 6.3% annually; £87,811 average

First steps on the property ladder

First-time buyers in Knowsley spent an average of £155,000 on their property – £14,000 more than a year ago, and £46,000 more than in February 2018.

By comparison, former owner-occupiers paid £197,000 on average in February – 26.8% more than first-time buyers.

How do property prices in Knowsley compare?

Buyers paid 16.6% less than the average price in the North West (£214,000) in February for a property in Knowsley. Across the North West, property prices are lower than those across the UK, where the average cost £288,000.

The most expensive properties in the North West were in Trafford – £363,000 on average, and twice as much as more than in Knowsley. Trafford properties cost 3.1 times as much as homes in Burnley (£116,000 average), at the other end of the scale.

The highest property prices across the UK were in 160.

Factfile

Average property price in February

• Knowsley: £178,643
• The North West:£214,146
• UK: £287,506

Annual growth to February

• Knowsley: +10.3%
• The North West: +7%
• UK: +5.5%

Best and worst annual growth in the North West

• Fylde: +14.2%
• Westmorland and Furness: +2.4%