Homes in Trafford could be earning owners more than their salary, according to new research by Zoopla.
A fifth of properties in the North West have increased in value by more than the average salary in the past 12 months, new data has revealed.
In some areas of the region, the figure increases to nearly half of all properties.
While the average salary in Trafford is £33,700, 40 per cent of homes have increased in value by more than this in the past 12 months.
Rossendale, Tameside, Rochdale, Salford and Bury are the other places in the North West where at least a quarter of homes have gone up by more than the average salary for that area in just one year.
The city of Manchester comes in eighth.
The data suggests that homes outside of the city centres in the region have been in particularly strong demand during the course of the pandemic, with many seeking out a lifestyle change.
Area |
Average salary |
Average property value |
% of homes that have increase in value more than average salary in that area in past 12 months |
Number of homes that have increased in value more than average salary in that area in past 12 months |
South Lakeland |
£27,900 |
£295,000 |
45% |
21,000 |
Trafford |
£33,700 |
£353,000 |
40% |
35,000 |
Rossendale |
£27,600 |
£192,000 |
38% |
11,000 |
Tameside |
£25,000 |
£174,000 |
27% |
23,000 |
Rochdale |
£26,500 |
£152,000 |
27% |
22,000 |
UK |
£30,500 |
£265,000 |
21% |
4,635,000 |
Gráinne Gilmore, head of research at Zoopla, said: “There has been strong demand from home buyers in the North West since the housing market reopened after the first lockdown in May last year.
"This demand has been underpinned by people searching for more space, making a lifestyle change or climbing onto the first rung of the property ladder.
"At the same time, the savings of up to £15,000 on offer as a result of the stamp duty holiday in the 12 months to July also encouraged people to make a move. This has put upward pressure on house prices, with values rising significantly.
“When this price rise is translated into pounds and pence, it means nearly a fifth of homes in the North West have risen in value by more than the equivalent of a year’s earnings in the region over the space of 12 months. Anyone can get an instant estimate on the value of their home at MyHome on Zoopla, where they can also link directly to a Zoopla estate agent for a valuation.”
