House prices dropped by 1.3% in Liverpool in March, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 7.2% over the last year.
The average Liverpool house price in March was £177,803, Land Registry figures show – a 1.3% decrease on February.
Over the month, the picture was similar to that across the North West, where prices decreased 1.3%, and Liverpool was lower than the 1.2% drop for the UK as a whole.
Over the last year, the average sale price of property in Liverpool rose by £12,000 – putting the area 17th among the North West’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in Fylde, where property prices increased on average by 14.3%, to £247,000. At the other end of the scale, properties in Blackpool gained 0.7% in value, giving an average price of £130,000.
First steps on the property ladder
First-time buyers in Liverpool spent an average of £157,000 on their property – £10,000 more than a year ago, and £45,000 more than in March 2018.
By comparison, former owner-occupiers paid £197,000 on average in March – 25.6% more than first-time buyers.
Owners of terraced houses saw the biggest fall in property prices Liverpool in March – they dropped 2% in price, to £154,445 on average. But over the last year, prices rose by 6.6%.
Among other types of property:
- Detached: down 0.4% monthly; up 8.4% annually; £359,564 average
- Semi-detached: down 1.3% monthly; up 7.2% annually; £219,907 average
- Flats: down 0.3% monthly; up 7.8% annually; £135,233 average
How do property prices in Liverpool compare?
Buyers paid 16% less than the average price in the North West (£212,000) in March for a property in Liverpool. Across the North West, property prices are lower than those across the UK, where the average cost £285,000.
The most expensive properties in the North West were in Trafford – £361,000 on average, and twice as much as more than in Liverpool. Trafford properties cost 3.1 times as much as homes in Burnley (£115,000 average), at the other end of the scale.
The highest property prices across the UK were in E09000020.
Average property price in March
- Liverpool: £177,803
- The North West:£211,759
- UK: £285,009
Annual growth to March
- Liverpool: +7.2%
- The North West: +5.2%
- UK: +4.1%
Highest and lowest annual growth in the North West
- Fylde: +14.3%
- Blackpool: +0.7%