Liverpool house prices dropped more than North West average in May

House prices dropped by 2.2% – more than the average for the North West – in Liverpool in May, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 0.6% annual decline.

The average Liverpool house price in May was £173,049, Land Registry figures show – a 2.2% decrease on April.

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

Over the last year, the average sale price of property in Liverpool fell by £1,100 – putting the area 34th 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 Liverpool spent an average of £152,600 on their property – £1,200 less than a year ago, but £42,100 more than in May 2018.

By comparison, former owner-occupiers paid £191,800 on average in May – 25.7% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest fall in property prices in Liverpool in May – they dropped 2.4% in price, to £213,593 on average. Over the last year, prices dropped by 0.8%.

Among other types of property:

• Detached: down 2.2% monthly; up 0.4% annually; £349,935 average
• Terraced: down 2.2% monthly; down 1.6% annually; £150,075 average
• Flats: down 1.8% monthly; up 1.1% annually; £132,263 average

How do property prices in Liverpool compare?

Buyers paid 18.3% less than the average price in the North West (£212,000) in May for a property in Liverpool. 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 2.1 times the price as in Liverpool. 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

• Liverpool: £173,049
• The North West:£211,790
• UK: £285,861

Annual change to May

• Liverpool: -0.6%
• The North West: +2.7%
• UK: +1.9%

Highest and lowest annual growth in the North West

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