House prices across Preston and Chorley see a rise while South Ribble sees a fall

House prices increased by 1% in Preston in March, new figures show.

The same could be said for Chorley as house price increased by slightly, by 0.7%, but in South Ribble they dropped slightly by 0.7%.

The rise in preston contributes to the longer-term trend, which has seen property prices in the area grow by 2.7% over the last year.

The average Preston house price in March was £161,595. Land Registry figures show a 1% increase on February.

Over the month, the picture was similar to that across the North West, where prices increased 1.1%, but Preston was above the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Preston rose by £4,200 – putting the area 11th among the North West’s 35 local authorities with price data for annual growth.

But the drop in South Ribble does not reverse the longer-term trend, which has seen property prices in the area grow by 1.4% over the last year.

The average South Ribble house price in March was £215,101. Land Registry figures show a 0.7% decrease on February.

Over the month, the picture was different to that across the North West, where prices increased 1.1%, and South Ribble was lower than the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in South Ribble rose by £2,900 – putting the area 23rd among the North West’s 35 local authorities with price data for annual growth.

The rise in Chorley contributes to the longer-term trend, which has seen property prices in the area grow by 8.5% over the last year.

The average Chorley house price in March was £238,302. Land Registry figures show a 0.7% increase on February.

Over the month, the picture was similar to that across the North West, where prices increased 1.1%.

Over the last year, the average sale price of property in Chorley rose by £19,000 – putting the area second 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 12.3%, to £246,000. At the other end of the scale, properties in Burnley lost 8.2% of their value, giving an average price of £103,000.

First steps on the property ladder

First-time buyers in Preston spent an average of £133,300 on their property – £2,800 more than a year ago, and £28,900 more than in March 2019.

By comparison, former owner-occupiers paid £186,900 on average in March – 40.2% more than first-time buyers.

First-time buyers in South Ribble spent an average of £179,000 on their property – £2,600 more than a year ago, and £38,100 more than in March 2019.

By comparison, former owner-occupiers paid £237,600 on average in March – 32.7% more than first-time buyers.

First-time buyers in Chorley spent an average of £193,000 on their property – £15,000 more than a year ago, and £51,000 more than in March 2019.

By comparison, former owner-occupiers paid £267,000 on average in March – 38.1% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Preston in March – they increased 2.5%, to £301,827 on average. Over the last year, prices rose by 6.8%.

Owners of terraced houses saw the biggest fall in property prices in South Ribble in March – they dropped 0.9% in price, to £153,819 on average. But over the last year, prices rose by 0.9%.

Owners of flats saw the biggest rise in property prices in Chorley in March – they increased 1.3%, to £140,223 on average. Over the last year, prices rose by 7.8%.

Among other types of property in Preston:

Semi-detached: up 1.1% monthly; up 2.9% annually; £182,920 average

Terraced: up 0.1% monthly; up 0.3% annually; £125,900 average

Flats: up 1% monthly; up 1.1% annually; £89,619 average

Among other types of property in South Ribble:

Detached: down 0.2% monthly; up 2% annually; £322,805 average

Semi-detached: down 0.8% monthly; up 1.5% annually; £201,025 average

Flats: down 0.4% monthly; down 0.1% annually; £112,062 average

Among other types of property in Chorley:

Detached: up 0.7% monthly; up 8.2% annually; £354,449 average

Semi-detached: up 0.9% monthly; up 9.4% annually; £221,170 average

Terraced: up 0.5% monthly; up 8.1% annually; £170,722 average

How do property prices in Preston, South Ribble and Chorley compare?

Buyers in Preston paid 25.4% less than the average price in the North West (£217,000) in March for a property in Preston. Across the North West, property prices are low compared to those across the UK, where the average cost is £283,000.

Buyers in South Ribble paid 0.6% less than the average price in the North West (£217,000) in March for a property in South Ribble. Across the North West, property prices are low compared to those across the UK, where the average cost is £283,000.

Buyers in Chorley paid 10.1% more than the average price in the North West (£217,000) in March for a property in Chorley. Across the North West, property prices are low compared to those across the UK, where the average cost is £283,000.

The most expensive properties in the North West were in Trafford – £357,000 on average, and 2.2 times the price as in Preston. Trafford properties cost 3.5 times the price as homes in Burnley (£103,000 average), at the other end of the scale.

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

Factfile

Average property price in March

Preston: £161,595

South Ribble: £215,101

Chorley: £238,302

The North West: £216,501

UK: £282,776

Annual growth to March

Preston: +2.7%

South Ribble: +1.4%

Chorley: +8.5%

The North West: +3.8%

UK: +1.8%

Highest and lowest annual growth in the North West

West Lancashire: +12.3%

Burnley: -8.2%