House prices dropped by 0.4 per cent – more than the average for the North West – in Bury in December, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 13.2 per cent over the last year.
The average Bury house price in December was £244,383, Land Registry figures show – a 0.4 per cent decrease on November.
Over the month, the picture was similar to that across the North West, where prices decreased 0.1 per cent.
Over the last year, the average sale price of property in Bury rose by £29,000 – putting the area 22nd among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in West Lancashire, where property prices increased on average by 23.8 per cent, to £244,000.
At the other end of the scale, properties in South Lakeland gained 5.9 per cent in value, giving an average price of £287,000.
The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.
It meant prices increased by 9.8 per cent annually in December, slowing from 10.6 per cent annual growth in November, according to the Office for National Statistics.
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First steps on the property ladder
First-time buyers in Bury spent an average of £204,000 on their property – £24,000 more than a year ago, and £64,000 more than in December 2017.
By comparison, former owner-occupiers paid £271,000 on average in December – 32.6 per cent more than first-time buyers.
Property types
Owners of terraced houses saw the biggest fall in property prices Bury in December – they dropped 0.5 per cent in price, to £189,837 on average. But over the last year, prices rose by 13.8 per cent.
Among other types of property:
Detached: down 0.4 per cent monthly; up 12.5 per cent annually; £416,398 average
Semi-detached: down 0.4 per cent monthly; up 13.4 per cent annually; £265,793 average
Flats: up 11.3 per cent annually; £130,995 average
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How do property prices in Bury compare?
Buyers paid 10.5 per cent more than the average price in the North West (£221,000) in December for a property in Bury.
Across the North West, property prices are higher than those across the UK, where the average cost £294,000.
The most expensive properties in the North West were in Trafford – £384,000 on average, and 1.6 times as much as more than in Bury. Trafford properties cost 3.3 times as much as homes in Burnley (£118,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in December
Bury: £244,383
The North West: £221,101
UK: £294,329
Annual growth to December
Bury: +13.2 per cent
The North West: +12.2 per cent
UK: +9.8 per cent
Highest and lowest annual growth in the North West
West Lancashire: +23.8 per cent
South Lakeland: +5.9 per cent
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