Knowsley house prices increased in December

House prices increased by 4% in Knowsley in December, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 19.2% over the last year.

The average Knowsley house price in December was £188,713, Land Registry figures show – a 4% increase on November.

Over the month, the picture was different to that across the North West, where prices decreased 0.1%, and Knowsley was above the 0.4% drop 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 third among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in West Lancashire, where property prices increased on average by 23.8%, to £244,000. At the other end of the scale, properties in South Lakeland gained 5.9% in value, giving an average price of £287,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in Knowsley spent an average of £164,000 on their property – £27,000 more than a year ago, and £56,000 more than in December 2017.

By comparison, former owner-occupiers paid £208,000 on average in December – 26.4% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Knowsley in December – they increased 4.4%, to £319,903 on average. Over the last year, prices rose by 21.2%.

Among other types of property:

Semi-detached: up 4.1% monthly; up 18.9% annually; £196,114 averageTerraced: up 3.7% monthly; up 18.7% annually; £142,750 averageFlats: up 4% monthly; up 14.2% annually; £92,266 average

How do property prices in Knowsley compare?

Buyers paid 14.6% less than the average price in the North West (£221,000) in December for a property in Knowsley. Across the North West, property prices are lower than those across the UK, where the average cost £294,000.

The most expensive properties in the North West were in Trafford – £384,000 on average, and twice as much as more than in Knowsley. Trafford properties cost 3.3 times as much as homes in Burnley (£118,000 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 December

Knowsley: £188,713The North West:£221,101UK: £294,329

Annual growth to December

Knowsley: +19.2%The North West: +12.2%UK: +9.8%

Highest and lowest annual growth in the North West

West Lancashire: +23.8%South Lakeland: +5.9%