St Helens house prices dropped in September

House prices dropped by 1.7% in St Helens in September, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 12.8% over the last year.

The average St Helens house price in September was £178,966, Land Registry figures show – a 1.7% decrease on August.

Over the month, the picture was different to that across the North West, where prices increased 0.6%, and St Helens was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in St Helens rose by £20,000 – putting the area 21st among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in Warrington, where property prices increased on average by 20.4%, to £266,000. At the other end of the scale, properties in Barrow gained 3.6% in value, giving an average price of £145,000.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".

The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.

Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes."

“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts," he added.

First steps on the property ladder

First-time buyers in St Helens spent an average of £161,000 on their property – £18,000 more than a year ago, and £48,000 more than in September 2017.

By comparison, former owner-occupiers paid £200,000 on average in September – 24.7% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices St Helens in September – they dropped 2.4% in price, to £96,938 on average. But over the last year, prices rose by 7.1%.

Among other types of property:

Detached: down 1.8% monthly; up 13.6% annually; £297,378 averageSemi-detached: down 1.7% monthly; up 13.5% annually; £186,347 averageTerraced: down 1.7% monthly; up 12.3% annually; £138,608 average

How do property prices in St Helens compare?

Buyers paid 18.3% less than the average price in the North West (£219,000) in September for a property in St Helens. Across the North West, property prices are lower than those across the UK, where the average cost £295,000.

The most expensive properties in the North West were in Trafford – £373,000 on average, and 2.1 times as much as more than in St Helens. Trafford properties cost 3.2 times as much as homes in Burnley (£117,000 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 September

St Helens: £178,966The North West:£219,005UK: £294,559

Annual growth to September

St Helens: +12.8%The North West: +9.1%UK: +9.5%

Highest and lowest annual growth in the North West

Warrington: +20.4%Barrow: +3.6%