House prices across Merseyside are still higher on average this year than in previous years.
However, there are indications that prices might start to drop, as the market starts to grind to a holt. Nationally, house prices increased by 3.5% in the 12 months to April 2023. While it's still high, it has fallen since March this year, when average was 4.1% up across the UK.
Breaking down the data financially, that means the average price across the country was £286,000 in April, but that was £9,000 higher than 12 months earlier. It's also £7,000 lower than the recent peak in September 2022.
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Across Merseyside, the average house sold for 4.9% more in April than it did 12 months earlier. That’s down from 6.2% in March though, 8.0% in February and from a peak of 12.5% in December.
Knowsley had the largest price rise of any local authority in our area. Homes there sold for 9.7% more in April than they did 12 months earlier. That was down from 10.1% in March though.
In St Helens prices rose by 8.6% (down from 10.4% in March), in Liverpool they rose by 4.7% (down from 7.3% in March), in Wirral they rose by 2.9% (down from 3.3%), and in Sefton they rose by 2.8% (down from 3.9%).
You can find the situation for your local authority using our interactive map:
While Merseyside has seen a rise, not everywhere in the UK has seen prices rise. House prices in Kensington and Chelsea fell by 15.8% in April compared to 12 months earlier.
It’s the largest year-on-year drop of any local authority in the country. Westminster had the next largest drop at 13.3%. East Lothian is the property hotspot in the UK at the moment.
House prices in the local authority just east of Edinburgh rose 17.2% in April. That’s up from 9.0% in March and 5.0% in February. Fylde in Lancashire had the next largest annual increase at 15.5%, up from 14.9% in March.
That’s followed by Melton (13.3%), Swindon (12.4%), Inverclyde (12.0%), West Devon (11.7%), and Merthyr Tydfil (11.6%).
