Knowsley house prices dropped slightly in May

House prices dropped slightly, by 0.2%, in Knowsley in May, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 8.1% over the last year.

The average Knowsley house price in May was £181,599, Land Registry figures show – a 0.2% decrease on April.

Over the month, the picture was similar to that across the North West, where prices decreased 0.2%, and Knowsley was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Knowsley rose by £14,000 – putting the area third 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 12%, to £239,000. At the other end of the scale, properties in Hyndburn lost 1.3% of their value, giving an average price of £118,000.

First steps on the property ladder

First-time buyers in Knowsley spent an average of £158,000 on their property – £11,000 more than a year ago, and £46,000 more than in May 2018.

By comparison, former owner-occupiers paid £201,000 on average in May – 27.2% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Knowsley in May – they dropped 0.2% in price, to £135,730 on average. But over the last year, prices rose by 6.3%.

Among other types of property:

• Detached: down 0.1% monthly; up 11.1% annually; £310,568 average
• Semi-detached: down 0.2% monthly; up 8.3% annually; £189,686 average
• Flats: down 0.2% monthly; up 6.2% annually; £89,331 average

How do property prices in Knowsley compare?

Buyers paid 14.3% less than the average price in the North West (£212,000) in May for a property in Knowsley. Across the North West, property prices are low compared to those across the UK, where the average cost is £286,000.

The most expensive properties in the North West were in Trafford – £360,000 on average, and twice the price as in Knowsley. Trafford properties cost 3.2 times the price as homes in Burnley (£111,000 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 May

• Knowsley: £181,599
• The North West:£211,790
• UK: £285,861

Annual growth to May

• Knowsley: +8.1%
• The North West: +2.7%
• UK: +1.9%

Highest and lowest annual growth in the North West

• West Lancashire: +12%
• Hyndburn: -1.3%