The housing market is a topic of constant interest for many people, especially those who are looking to buy or sell a property. One region of the UK that has seen significant fluctuations in house prices over the past year is the North West, according to analysis by Pinerock Finance on data just released by the Land Register.
The average residential house price in the North West during the month of January was £172,000. This represents a decrease from December's average of £191,000, with a change of -9.95%. The price also dropped by -14.8% compared to a recent high of £197,498 in November. The average price 12 months ago was £177,500, which is a difference of -3.2%.
Looking at the changes in average values for the different property types between December and January, detached houses increased from £362,500 to £374,000, while semi-detached properties decreased from £225,000 to £220,000. Terraced houses dropped from £145,000 to £128,500, and flats decreased from £135,000 to £125,000.
When looking at national figures, the average residential house price in England and Wales during January was £275,275. This is a slight decrease from December's average of £280,000, with a change of -1.69%. Compared to a recent high of £290,000 in September, the price today represents a change of -5.3%.
In Manchester, the average residential house price during January was £222,250, representing a decrease from December's average of £225,000, with a change of -1.22%. However, the price increased by 4.2% compared to the average price of £213,000 12 months ago.
In Bolton, the average residential house price during January was £164,250, a decrease from December's average of £164,950, with a change of -0.42%. The average price 12 months ago was £163,250, which is a difference of 0.6%.
Preston saw a significant increase in house prices, with an average residential house price of £220,000 during January, representing a change of 22.26% from December's average of £179,950. The average price 12 months ago was £174,000, a difference of 20.9%.
On the other hand, Wirral saw a significant decrease in house prices, with an average residential house price during January of £212,500, a decrease from December's average of £235,500, with a change of -9.77%. Compared to a recent high of £262,500 in September, the price today represents a change of -23.5%.
Finally, in Liverpool, the average residential house price during January was £141,500, representing a decrease from December's average of £180,000, with a change of -21.39%. Compared to a recent high of £180,000 in December, the price today represents a change of -27.2%. The average price 12 months ago was £145,000, a difference of -2.5%.
The overall picture for the UK property market remains one of falling prices, with the rise in interest rates and the cost of living crisis hitting the pound in the consumer's pocket. This has led to buyers being reluctant to enter into property buying negotiations. However, there is a belief that interest rates are near the end of their climb, which is making the outlook for the next few months slightly more optimistic.