Merseyside house prices dropped slightly in July

House prices dropped slightly, by 0.7%, in Merseyside in July, new figures show.
File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.
File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.

House prices dropped slightly, by 0.7%, in Merseyside in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 13.7% annual growth.

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The average Merseyside house price in July was £170,424, Land Registry figures show – a 0.7% decrease on June.

Over the month, the picture was better than that across the North West, where prices decreased 7.6%, and Merseyside outperformed the 3.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Merseyside rose by £21,000 – putting the area 20th among the North West’s 43 local authorities for annual growth.

The best annual growth in the region was in Rossendale, where property prices increased on average by 19.9%, to £169,000. At the other end of the scale, properties in Hyndburn gained 4.4% in value, giving an average price of £105,000.

Winners and Losers

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Owners of flats fared worst in Merseyside in July – they dropped 1% in price, to £189,838 on average. But over the last year, prices rose by 11.8%.

Among other types of property:

Detached: down 0.8% monthly; up 14.5% annually; £297,547 averageSemi-detached: down 0.7% monthly; up 13.1% annually; £189,838 averageTerraced: down 0.7% monthly; up 15% annually; £135,810 average

First steps on the property ladder

First-time buyers in Merseyside spent an average of £146,000 on their property – £18,000 more than a year ago, and £31,000 more than in July 2016.

By comparison, former owner-occupiers paid £192,000 on average in July – 31.3% more than first-time buyers.

How do property prices in Merseyside compare?

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Buyers paid 8% less than the average price in the North West (£185,000) in July for a property in Merseyside. Across the North West, property prices are low compared to those across the UK, where the average cost £256,000.

The most expensive properties in the North West were in Trafford – £324,000 on average, and 1.9 times as much as in Merseyside. Trafford properties cost 3.2 times as much as homes in Burnley (£101,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).

Factfile

Average property price in July

Merseyside: £170,424The North West:£185,171UK: £255,535

Annual growth to July

Merseyside: +13.7%The North West: +8.1%UK: +8%

Best and worst annual growth in the North West

Rossendale: +19.9%Hyndburn: +4.4%