House prices increased by 1.8% in Preston in December, new figures show

The average Preston house price in December was £163,251, Land Registry figures show – a 1.8% increase on November.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.1% over the last year.

Over the month, the picture was different to that across the North West, where prices increased 2.5%, but Preston was above the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Preston rose by £4,900 – putting the area seventh among the North West's 35 local authorities with price data for annual growth.

The highest annual growth in the region was in West Lancashire, where property prices increased on average by 9.8%, to £253,000.

At the other end of the scale, properties in Hyndburn lost 7.8% of their value, giving an average price of £120,000.

Average house prices in Lancashire

House prices dropped by 1.8% in South Ribble in December, with the average house being £206,425.

The average Chorley house price in December was £240,897 - a 0.4% increase on November.

Blackburn with Darwen saw house prices increase by 1.3%, with the average cost being £144,967.

The average Blackpool house price in December was £136,835 - a 0.5% increase on November.

The average Wyre house price in December was £195,026 - a 0.8% decrease on November.

Fylde saw a 1.3% increase in December, with average house prices being £238,865.

First steps on the property ladder

First-time buyers in Preston spent an average of £133,500 on their property – £3,200 more than a year ago, and £27,000 more than in December 2018.

By comparison, former owner-occupiers paid £190,100 on average in December – 42.4% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Preston in December – they increased 2.7%, to £312,317 on average. Over the last year, prices rose by 6.8%.

Among other types of property:

• Semi-detached: up 1.9% monthly; up 3.6% annually; £184,469 average
• Terraced: up 1% monthly; up 0.3% annually; £125,592 average
• Flats: up 2% monthly; up 2.4% annually; £87,947 average

How do property prices in Preston compare?

Buyers paid 25.2% less than the average price in the North West (£218,000) in December for a property in Preston.

Across the North West, property prices are low compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the North West were in Trafford – £366,000 on average, and 2.2 times the price as in Preston.

Trafford properties cost 3.4 times the price as homes in Burnley (£107,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.