North West house prices tumble

Bad news for sellers
Bad news for sellers

House prices dropped more than average for the North West in Wigan in October, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 0.7 per cent annual growth.

The average Wigan house price in October was £133,611, Land Registry figures show – a 0.9 per cent decrease on September.

Over the month, the picture was similar to that across the North West, where prices decreased 0.6 per cent, and Wigan underperformed compared to the 0.7 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in Wigan rose by £910 – putting the area 28th among the North West’s 39 local authorities for annual growth.

Owners of flats fared worst in Wigan in October – they dropped 2.1 per cent in price, to £75,232 on average . Over the last year, prices dropped by 2.3 per cent.

Among other types of property:

Detached: down 1.1 per cent monthly; up 0.4 per cent annually; £218,479 average

Semi-detached: down 0.5 per cent monthly; up 1.1 per cent annually; £134,701 average

Terraced: down 0.9 per cent monthly; up 0.8 annually; £102,886 average

First-time buyers in Wigan spent an average of £ 118,400 on their property – £740 more than a year ago, and £16,080 more than in October 2014.

By comparison, former owner-occupiers paid £148,910 on average in October – 25.8 per cent more than first-time buyers.

So how do property prices in Wigan compare?

Buyers paid 19.6 per cent less than the average price in the North West (£166k) in October for a property in Wigan. Across the North West, property prices are low compared to those across the UK, where the average cost £233k.

The most expensive properties in the North West were in Trafford – £295,000 on average, and 2.2 times as much as in Wigan. Trafford properties cost 3.4 times as much as homes in Burnley (£87k average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average October sale price of £1.2m could buy 14 properties in Burnley.