Liverpool house prices increased in February

House prices increased by 1.5% in Liverpool in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 9.7% annual growth.

The average Liverpool house price in February was £170,711, Land Registry figures show – a 1.5% increase on January.

Over the month, the picture was similar to that across the North West, where prices increased 1.6%, but Liverpool outperformed the 0.5% 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 23rd 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 Liverpool in February – they increased 1.6%, to £342,888 on average. Over the last year, prices rose by 12.5%.

Among other types of property:

Semi-detached: up 1.5% monthly; up 10.9% annually; £210,281 averageTerraced: up 1.4% monthly; up 9.2% annually; £148,398 averageFlats: up 1.6% monthly; up 8.5% annually; £130,879 average

First steps on the property ladder

First-time buyers in Liverpool spent an average of £151,000 on their property – £13,000 more than a year ago, and £44,000 more than in February 2017.

By comparison, former owner-occupiers paid £189,000 on average in February – 25.5% more than first-time buyers.

How do property prices in Liverpool compare?

Buyers paid 16.1% less than the average price in the North West (£204,000) in February for a property in Liverpool. 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 2.1 times as much as more than in Liverpool. 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

Liverpool: £170,711The North West:£203,538UK: £276,755

Annual growth to February

Liverpool: +9.7%The North West: +10.2%UK: +10.9%

Best and worst annual growth in the North West

Hyndburn: +19.2%Fylde: +3.7%