New figures show that house prices increased by 3.4% in Preston in March, contributing to the longer-term trend, which has seen property prices in the area achieve 8.6% annual growth.
Land Registry figures show that in March, the average Preston house price was £152,392, a 3.4% increase on February, compared to an average 0.4% increase in the North West, and 0.3% nationally.
Over the last year, the average sale price of property in Preston rose by £12,000 – putting it 29th among the North West’s 39 local authorities with price data for annual growth.
Owners of detached houses saw the biggest improvement in prices in Preston in March – they increased 3.9%, to £289,359 on average.
Next were semi-detached, up 3.6% monthly to £170,625; terraced, up 3% to £118,247; and flats, up 2.9% to £83,205,
First steps on the property ladder
First-time buyers in Preston spent an average of £124,800 on their property – £9,000 more than a year ago, and £22,300 more than March 2017.
By comparison, former owner-occupiers paid £177,000 on average in March.
How do prices in Preston compare?
Buyers paid 25.7% less than the average price in the North West (£205,000) in March for a property in Preston, whilst nationally the average is £278,000.
The most expensive properties in the North West were in Trafford (£351,000), and cheapest were in Burnley (£111,000).
The highest prices across the UK were in Kensington and Chelsea.
But what can you get for the Preston average?
Take a look at current properties for sale on Zoopla below: