Knowsley house prices dropped more than North West average in January

House prices dropped by 1% – more than the average for the North West – in Knowsley in January, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 15.6% annual growth.

The average Knowsley house price in January was £164,262, Land Registry figures show – a 1% decrease on December.

Over the month, the picture was worse than that across the North West, where prices decreased 0.3%, and Knowsley underperformed compared to the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Knowsley rose by £22,000 – putting the area fourth among the North West’s 39 local authorities with price data for annual growth.

The best annual growth in the region was in Tameside, where property prices increased on average by 19.1%, to £200,000. At the other end of the scale, properties in Allerdale gained just 2.5% in value, giving an average price of £170,000.

Winners and Losers

Owners of detached houses fared worst in Knowsley in January – they dropped 1.4% in price, to £279,985 on average. But over the last year, prices rose by 20.8%.

Among other types of property:

Semi-detached: down 1% monthly; up 15.3% annually; £170,718 averageTerraced: down 0.7% monthly; up 11.5% annually; £122,834 averageFlats: down 0.8% monthly; up 8.2% annually; £82,042 average

First steps on the property ladder

First-time buyers in Knowsley spent an average of £142,000 on their property – £18,000 more than a year ago, and £36,000 more than in January 2017.

By comparison, former owner-occupiers paid £182,000 on average in January – 27.6% more than first-time buyers.

How do property prices in Knowsley compare?

Buyers paid 17.8% less than the average price in the North West (£200,000) in January for a property in Knowsley. Across the North West, property prices are lower than those across the UK, where the average cost £274,000.

The most expensive properties in the North West were in Trafford – £347,000 on average, and 2.1 times as much as more than in Knowsley. Trafford properties cost 3.1 times as much as homes in Burnley (£110,000 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 January

Knowsley: £164,262The North West:£199,791UK: £273,762

Annual growth to January

Knowsley: +15.6%The North West: +9.6%UK: +9.6%

Best and worst annual growth in the North West

Tameside: +19.1%Allerdale: +2.5%