Preston house prices have risen more than the average in the North West, new figures show

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.4% over the last year.

The average Preston house price in June was £158,034, Land Registry figures show – a 1.8% increase on May.

Over the month, the picture was different to that across the North West, where prices increased 1.2%, and Preston was above the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Preston rose by £5,200 – putting the area 20th among the North West’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Rossendale, where property prices increased on average by 9.2%, to £201,000. At the other end of the scale, properties in Hyndburn lost 3.7% of their value, giving an average price of £118,000.

First steps on the property ladder

First-time buyers in Preston spent an average of £129,400 on their property – £3,700 more than a year ago, and £24,000 more than in June 2018.

By comparison, former owner-occupiers paid £183,600 on average in June – 41.9% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Preston in June – they increased 2.1%, to £122,412 on average. Over the last year, prices rose by 1.6%.

Among other types of property:

Detached: up 1.4% monthly; up 5.7% annually; £298,565 average

Semi-detached: up 1.8% monthly; up 3.5% annually; £177,832 average

Flats: up 1.8% monthly; up 3.6% annually; £86,419 average

How do property prices in Preston compare?

Buyers paid 26.7% less than the average price in the North West (£216,000) in June for a property in Preston. Across the North West, property prices are low compared to those across the UK, where the average cost is £288,000.

The most expensive properties in the North West were in Trafford – £362,000 on average, and 2.3 times the price as in Preston. Trafford properties cost 3.1 times the price as homes in Burnley (£117,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.

Factfile

Average property price in June

Preston: £158,034

The North West: £215,631

UK: £287,546

Annual growth to June

Preston: +3.4%

The North West: +3.5%

UK: +1.7%

Highest and lowest annual growth in the North West

Rossendale: +9.2%

Hyndburn: -3.7%