House prices in Greater Manchester are going up twice as fast as the national average and in April of this year, new homeowners had to shell out £153,285 on average for a home in the region, according to figures from the Land Registry.
That’s up by four percent from £147,125 in April 2019 - an increase of more than £6,000 in a single year, and double the 2pc rise seen across the country as a whole.
It means people buying for the first time in Greater Manchester would now need to have a deposit of more than £15,000 (assuming a 10pc deposit) and pay around £722 a month on a 25-year mortgage.
Across Britain, the average price for first-time buyers came to £197,459 this April, just 2pc higher than £192,822 in the same month last year.
Homes in Trafford are the most expensive in Greater Manchester for first-time buyers, and the area has seen one of the biggest increases in the country.
On average new homeowners were paying £262,283 for a home in Trafford this April - up by 10pc from £239,395 in April 2019.
Meanwhile, Bury and Manchester were the only parts of Greater Manchester to see house prices fall.
Manchester saw the biggest dip, with the average house price for first-time buyers falling by 1pc from £165,186 in April 2019 to £163,356 this year.
It’s too early to say from these figures whether lockdown is having an effect, as house prices remained relatively stable between March and April.
However, according to Rightmove, July was the busiest month in more than 10 years for the housing market, and many areas saw asking prices hit a record high as sellers sought to make the most of demand.
You can see how average prices for all buyers in your particular neighbourhood compare using our postcode search interactive:
Miles Shipside, director at Rightmove, said: “There have been many changes as a result of the unprecedented pandemic, and these include a rewriting of the previously predictable seasonal rulebook for housing market activity and prices.
“Rather than just a release of existing pent-up demand due to the suspension of the housing market during lockdown, there’s an added layer of additional demand due to people’s changed housing priorities after the experience of lockdown.
“Patience will be required, especially with some lenders limiting their product ranges due to capacity constraints in their ability to process mortgages.”
House prices per borough
The list below compares house prices in every Greater Manchester borough. It says what the average house price was in April 2019, what it was this year in April 2020, and whether it has increased or decreased:
Trafford - £239,395, £262,283, 10pc
Oldham - £118,489, £129,574, 9pc
Rochdale - £120,987, £131,341, 9pc
Tameside - £132,748, £141,852, 7pc
Bolton - £112,060, £117,441, 5pc
Salford - £144,192, £150,595, 4pc
Wigan - £118,121, £123,011, 4pc
Stockport - £181,833, £186,759, 3pc
Bury - £148,380, £148,040, 0pc
Manchester - £165,186, £163,356, -1pc
Greater Manchester - £147,125, £153,285, 4pc
Great Britain - £192,822, £197,459, 2pc
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