House prices continue to rise in Preston

House prices increased slightly, by 0.8%, in Preston in May, new figures show.
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The rise contributes to the longer-term trend, which has seen property prices in the area grow by 14.1% over the last year.

The average Preston house price in May was £156,147, Land Registry figures show – a 0.8% increase on April.

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Over the month, the picture was different to that across the North West, where prices decreased 0.2%, but Preston was lower than the 1.2% rise for the UK as a whole.

House prices have risen in PrestonHouse prices have risen in Preston
House prices have risen in Preston

Over the last year, the average sale price of property in Preston rose by £19,000 – putting the area fifth among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in Knowsley, where property prices increased on average by 20.5%, to £177,000. At the other end of the scale, properties in Allerdale remained level at £169,000.

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An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

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But activity is starting to slow, with soaring inflation putting household budgets under pressure.

Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said: “The average house price hit another record high in May, and rose faster than any time since the peak in June last year.

"However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."

First steps on the property ladder

First-time buyers in Preston spent an average of £128,000 on their property – £15,000 more than a year ago, and £27,000 more than in May 2017.

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By comparison, former owner-occupiers paid £181,000 on average in May – 40.6% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Preston in May – they increased 1.3%, to £122,716 on average. Over the last year, prices rose by 13.6%.

Among other types of property:

Detached: up 0.4% monthly; up 16.1% annually; £291,177 average

Semi-detached: up 0.8% monthly; up 14.3% annually; £174,867 average

Flats: up 0.4% monthly; up 9.5% annually; £85,556 average

How do property prices in Preston compare?

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Buyers paid 24.1% less than the average price in the North West (£206,000) in May for a property in Preston. Across the North West, property prices are low compared to those across the UK, where the average cost £283,000.

The most expensive properties in the North West were in Trafford – £353,000 on average, and 2.3 times as much as more than in Preston. Trafford properties cost 3.2 times as much as homes in Burnley (£112,000 average), at the other end of the scale.

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


Average property price in May

Preston: £156,147

The North West: £205,783

UK: £283,496

Annual growth to May

Preston: +14.1%

The North West: +11.5%

UK: +12.8%

Highest and lowest annual growth in the North West

Knowsley: +20.5%

Allerdale: 0%