Knowsley house prices increased in August

House prices increased by 2% in Knowsley in August, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.8% over the last year.

The average Knowsley house price in August was £179,936, Land Registry figures show – a 2% increase on July.

Over the month, the picture was different to that across the North West, where prices remained static, and Knowsley was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Knowsley rose by £3,200 – putting the area 16th among the North West’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Ribble Valley, where property prices increased on average by 6.8%, to £284,000. At the other end of the scale, properties in Burnley lost 5.6% of their value, giving an average price of £111,000.

First steps on the property ladder

First-time buyers in Knowsley spent an average of £156,400 on their property – £2,100 more than a year ago, and £44,700 more than in August 2018.

By comparison, former owner-occupiers paid £198,400 on average in August – 26.9% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Knowsley in August – they increased 2.1%, to £188,066 on average. Over the last year, prices rose by 2.1%.

Among other types of property:

• Detached: up 2% monthly; up 4.8% annually; £305,313 average
• Terraced: up 1.8% monthly; down 0.2% annually; £135,132 average
• Flats: up 1.4% monthly; down 0.4% annually; £88,096 average

How do property prices in Knowsley compare?

Buyers paid 16.6% less than the average price in the North West (£216,000) in August for a property in Knowsley. Across the North West, property prices are low compared to those across the UK, where the average cost is £291,000.

The most expensive properties in the North West were in Trafford – £372,000 on average, and 2.1 times the price as in Knowsley. Trafford properties cost 3.4 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 (£1.4 million).

Factfile

Average property price in August

• Knowsley: £179,936
• The North West:£215,791
• UK: £291,044

Annual growth to August

• Knowsley: +1.8%
• The North West: +0.4%
• UK: +0.2%

Highest and lowest annual growth in the North West

• Ribble Valley: +6.8%
• Burnley: -5.6%