Liverpool house prices dropped slightly in June

House prices dropped slightly, by 0.1%, in Liverpool in June, new figures show.

House prices dropped slightly, by 0.1%, in Liverpool in June, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 9.5% over the last year.

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The average Liverpool house price in June was £177,602, Land Registry figures show – a 0.1% decrease on May.

Over the month, the picture was different to that across the North West, where prices increased 2.1%, and Liverpool was lower than the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in Liverpool rose by £15,000 – putting the area 24th among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in St Helens, where property prices increased on average by 19.5%, to £184,000. At the other end of the scale, properties in Allerdale gained 1.1% in value, giving an average price of £175,000.

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An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in Liverpool spent an average of £157,000 on their property – £13,000 more than a year ago, and £47,000 more than in June 2017.

By comparison, former owner-occupiers paid £196,000 on average in June – 25% more than first-time buyers.

Property types

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Owners of detached houses saw the biggest fall in property prices Liverpool in June – they dropped 0.7% in price, to £352,833 on average. But over the last year, prices rose by 11.4%.

Among other types of property:

Semi-detached: down 0.2% monthly; up 11.4% annually; £219,243 averageTerraced: up 0.2% monthly; up 9.5% annually; £155,847 averageFlats: down 0.3% monthly; up 6.8% annually; £133,413 average

How do property prices in Liverpool compare?

Buyers paid 16.4% less than the average price in the North West (£212,000) in June for a property in Liverpool. Across the North West, property prices are lower than those across the UK, where the average cost £286,000.

The most expensive properties in the North West were in Trafford – £362,000 on average, and twice as much as more than in Liverpool. Trafford properties cost three times as much as homes in Burnley (£120,000 average), at the other end of the scale.

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The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in June

Liverpool: £177,602The North West:£212,347UK: £286,397

Annual growth to June

Liverpool: +9.5%The North West: +6.2%UK: +7.8%

Highest and lowest annual growth in the North West

St Helens: +19.5%Allerdale: +1.1%