Knowsley house prices crashed 5.2% in November

House prices crashed by 5.2% in Knowsley in November, new figures show.

The large drop contributes to the longer-term trend, which has seen property prices in the area suffer a 4.9% annual decline.

The average Knowsley house price in November was £169,568, Land Registry figures show – a 5.2% decrease on October.

Over the month, the picture was different to that across the North West, where prices decreased 0.9%, and Knowsley was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Knowsley fell by £8,700 – putting the area 31st among the North West’s 35 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 9.6%, to £251,000. At the other end of the scale, properties in Burnley lost 11.1% of their value, giving an average price of £104,000.

First steps on the property ladder

First-time buyers in Knowsley spent an average of £147,400 on their property – £8,200 less than a year ago, but £33,400 more than in November 2018.

By comparison, former owner-occupiers paid £187,100 on average in November – 26.9% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Knowsley in November – they dropped 6% in price, to £126,517 on average. Over the last year, prices dropped by 7.3%.

Among other types of property:

• Detached: down 4.5% monthly; down 2.2% annually; £289,376 average
• Semi-detached: down 5% monthly; down 4% annually; £178,085 average
• Flats: down 4.9% monthly; down 7.1% annually; £82,149 average

How do property prices in Knowsley compare?

Buyers paid 20.5% less than the average price in the North West (£213,000) in November for a property in Knowsley. Across the North West, property prices are low compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the North West were in Trafford – £366,000 on average, and 2.2 times the price as in Knowsley. Trafford properties cost 3.5 times the price as homes in Burnley (£104,000 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 November

• Knowsley: £169,568
• The North West:£213,333
• UK: £284,950

Annual change to November

• Knowsley: -4.9%
• The North West: -2%
• UK: -2.1%

Highest and lowest annual growth in the North West

• West Lancashire: +9.6%
• Burnley: -11.1%