Knowsley house prices increased slightly in February

House prices increased slightly, by 0.4%, in Knowsley in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.6% annual growth.

The average Knowsley house price in February was £162,954, Land Registry figures show – a 0.4% increase on January.

Over the month, the picture was less good than that across the North West, where prices increased 1.6%, and Knowsley underperformed compared to the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Knowsley rose by £18,000 – putting the area 12th among the North West’s 39 local authorities with price data for annual growth.

The best annual growth in the region was in Hyndburn, where property prices increased on average by 19.2%, to £124,000. At the other end of the scale, properties in Fylde gained just 3.7% in value, giving an average price of £218,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Knowsley in February – they increased 0.8%, to £277,970 on average. Over the last year, prices rose by 17.3%.

Among other types of property:

Semi-detached: up 0.3% monthly; up 12.2% annually; £168,994 averageTerraced: up 0.2% monthly; up 9.2% annually; £122,234 averageFlats: up 0.5% monthly; up 6.1% annually; £81,555 average

First steps on the property ladder

First-time buyers in Knowsley spent an average of £141,000 on their property – £15,000 more than a year ago, and £34,000 more than in February 2017.

By comparison, former owner-occupiers paid £180,000 on average in February – 27.3% more than first-time buyers.

How do property prices in Knowsley compare?

Buyers paid 19.9% less than the average price in the North West (£204,000) in February for a property in Knowsley. Across the North West, property prices are lower than those across the UK, where the average cost £277,000.

The most expensive properties in the North West were in Trafford – £351,000 on average, and 2.2 times as much as more than in Knowsley. Trafford properties cost 3.1 times as much as homes in Burnley (£112,000 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 February

Knowsley: £162,954The North West:£203,538UK: £276,755

Annual growth to February

Knowsley: +12.6%The North West: +10.2%UK: +10.9%

Best and worst annual growth in the North West

Hyndburn: +19.2%Fylde: +3.7%