Is now the right time to buy a house in Lancashire? House prices changes in explained

It’s been a mixed bag when it comes to house prices changes in Lancashire in February.

Preston

House prices dropped slightly, by 0.1%, in Preston in February, new figures show.

But the drop 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 Preston house price in February was £158,883, Land Registry figures show – a 0.1% decrease on January.

Over the month, the picture was similar to that across the North West, where prices decreased 0.2%, but Preston was lower than the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Preston rose by £2,300 – putting the area 17th among the North West’s 35 local authorities with price data for annual growth.

West Lancashire

House prices dropped by 0.8% – more than the average for the North West – in West Lancashire in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 6.1% over the last year.

The average West Lancashire house price in February was £233,530, Land Registry figures show – a 0.8% decrease on January.

Over the month, the picture was different to that across the North West, where prices decreased 0.2%, and West Lancashire was lower than the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in West Lancashire rose by £13,000 – putting the area third among the North West’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Rossendale, where property prices increased on average by 11.7%, to £213,000. At the other end of the scale, properties in Burnley lost 9.3% of their value, giving an average price of £103,000.

South Ribble

House prices increased by 1.7% in South Ribble in February, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 0.3% over the last year.

The average South Ribble house price in February was £213,565, Land Registry figures show – a 1.7% increase on January.

Over the month, the picture was different to that across the North West, where prices decreased 0.2%, and South Ribble was above the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in South Ribble rose by £540 – putting the area 19th among the North West’s 35 local authorities with price data for annual growth.

Wyre

House prices dropped by 1.7% – more than the average for the North West – in Wyre in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.8% over the last year.

The average Wyre house price in February was £189,238, Land Registry figures show – a 1.7% decrease on January.

Over the month, the picture was different to that across the North West, where prices decreased 0.2%, and Wyre was lower than the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Wyre rose by £1,400 – putting the area 18th among the North West’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Rossendale, where property prices increased on average by 11.7%, to £213,000. At the other end of the scale, properties in Burnley lost 9.3% of their value, giving an average price of £103,000.

Blackpool

House prices increased slightly, by 0.3%, in Blackpool in February, new figures show.

The rise maintains the longer-term trend, which has seen property prices in the area remain level.

The average Blackpool house price in February was £134,805, Land Registry figures show – a 0.3% increase on January.

Over the month, the picture was different to that across the North West, where prices decreased 0.2%, but Blackpool was lower than the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Blackpool rose by £22 – putting the area 21st among the North West’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Rossendale, where property prices increased on average by 11.7%, to £213,000. At the other end of the scale, properties in Burnley lost 9.3% of their value, giving an average price of £103,000.

Chorley

House prices increased by 1.3% in Chorley in February, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 5.8% over the last year.

The average Chorley house price in February was £236,418, Land Registry figures show – a 1.3% increase on January.

Over the month, the picture was different to that across the North West, where prices decreased 0.2%, and Chorley was above the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Chorley rose by £13,000 – putting the area fourth among the North West’s 35 local authorities with price data for annual growth.

Lancaster

House prices dropped by 0.4% – more than the average for the North West – in Lancaster in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.5% over the last year.

The average Lancaster house price in February was £207,365, Land Registry figures show – a 0.4% decrease on January.

Over the month, the picture was similar to that across the North West, where prices decreased 0.2%, and Lancaster was lower than the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Lancaster rose by £3,000 – putting the area 16th among the North West’s 35 local authorities with price data for annual growth.

Fylde

House prices dropped by 1.5% – more than the average for the North West – in Fylde in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 4.6% over the last year.

The average Fylde house price in February was £243,415, Land Registry figures show – a 1.5% decrease on January.

Over the month, the picture was different to that across the North West, where prices decreased 0.2%, and Fylde was lower than the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Fylde rose by £11,000 – putting the area fifth among the North West’s 35 local authorities with price data for annual growth.

Burnley

House prices dropped by 2.8% – more than the average for the North West – in Burnley in February, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 9.3% annual decline – the worst in the North West.

The average Burnley house price in February was £103,386, Land Registry figures show – a 2.8% decrease on January.

Over the month, the picture was different to that across the North West, where prices decreased 0.2%, and Burnley was lower than the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Burnley fell by £11,000 – putting the area bottom among the North West’s 35 local authorities with price data for annual growth.

First steps on the property ladder

First-time buyers in Blackpool spent an average of £120,257 on their property – £18 less than a year ago, but £28,010.524 more than in February 2019.

By comparison, former owner-occupiers paid £144,862 on average in February – 20.5% more than first-time buyers.

First-time buyers in Wyre spent an average of £157,430 on their property – £550 more than a year ago, and £33,040 more than in February 2019.

By comparison, former owner-occupiers paid £206,840 on average in February – 31.4% more than first-time buyers.

First-time buyers in Fylde spent an average of £189,600 on their property – £8,600 more than a year ago, and £38,700 more than in February 2019.

By comparison, former owner-occupiers paid £276,400 on average in February – 45.8% more than first-time buyers.

First-time buyers in South Ribble spent an average of £177,740 on their property – £450 more than a year ago, and £34,700 more than in February 2019.

By comparison, former owner-occupiers paid £235,920 on average in February – 32.7% more than first-time buyers.

First-time buyers in West Lancashire spent an average of £186,000 on their property – £11,000 more than a year ago, and £38,000 more than in February 2019.

By comparison, former owner-occupiers paid £263,000 on average in February – 41.3% more than first-time buyers.

First-time buyers in Preston spent an average of £131,200 on their property – £1,200 more than a year ago, and £26,300 more than in February 2019.

By comparison, former owner-occupiers paid £183,300 on average in February – 39.7% more than first-time buyers.

First-time buyers in Lancaster spent an average of £183,100 on their property – £2,500 more than a year ago, and £46,000 more than in February 2019.

By comparison, former owner-occupiers paid £230,400 on average in February – 25.8% more than first-time buyers.

First-time buyers in Chorley spent an average of £192,000 on their property – £10,000 more than a year ago, and £45,000 more than in February 2019.

By comparison, former owner-occupiers paid £265,000 on average in February – 38.1% more than first-time buyers.

First-time buyers in Burnley spent an average of £93,400 on their property – £10,000 less than a year ago, but £20,400 more than in February 2019.

By comparison, former owner-occupiers paid £115,800 on average in February – 24% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Blackpool in February – they increased 0.4%, to £155,221 on average. Over the last year, prices rose by 1%.

Among other types of property:

Detached: up 0.3% monthly; up 0.3% annually; £220,763 average

Terraced: up 0.3% monthly; down 0.5% annually; £115,022 average

Flats: down 0.1% monthly; down 2.4% annually; £80,407 average

Owners of flats saw the biggest fall in property prices in Wyre in February – they dropped 2.4% in price, to £99,852 on average. Over the last year, prices dropped by 2.9%.

Among other types of property:

Detached: down 1.4% monthly; up 3.2% annually; £286,480 average

Semi-detached: down 1.7% monthly; up 0.6% annually; £183,311 average

Terraced: down 1.7% monthly; down 0.4% annually; £144,934 average

Owners of flats saw the biggest fall in property prices in Fylde in February – they dropped 1.9% in price, to £133,916 on average. But over the last year, prices rose by 2.2%.

Among other types of property:

Detached: down 1.4% monthly; up 5.4% annually; £374,153 average

Semi-detached: down 1.3% monthly; up 5.9% annually; £254,440 average

Terraced: down 1.3% monthly; up 4% annually; £202,717 average

Owners of detached houses saw the biggest rise in property prices in South Ribble in February – they increased 1.9%, to £319,032 on average. Over the last year, prices rose by 0.8%.

Among other types of property:

Semi-detached: up 1.5% monthly; up 0.6% annually; £200,059 average

Terraced: up 1.5% monthly; down 0.9% annually; £152,654 average

Flats: up 1.6% monthly; down 1% annually; £111,490 average

Owners of flats saw the biggest fall in property prices in West Lancashire in February – they dropped 1% in price, to £122,001 on average. But over the last year, prices rose by 3.1%.

Among other types of property:

Detached: down 0.8% monthly; up 6.4% annually; £358,066 average

Semi-detached: down 0.6% monthly; up 7.5% annually; £220,871 average

Terraced: down 0.9% monthly; up 4.3% annually; £162,765 average

Owners of terraced houses saw the biggest fall in property prices in Preston in February – they dropped 0.3% in price, to £124,443 on average. Over the last year, prices dropped by 1%.

Among other types of property:

Detached: up 0.3% monthly; up 5.2% annually; £293,727 average

Semi-detached: down 0.1% monthly; up 1.8% annually; £179,815 average

Flats: down 0.2% monthly; up 0.3% annually; £88,465 average

Owners of flats saw the biggest fall in property prices in Lancaster in February – they dropped 0.7% in price, to £121,415 on average. Over the last year, prices dropped by 0.2%.

Among other types of property:

Detached: down 0.5% monthly; up 1.8% annually; £349,460 average

Semi-detached: down 0.4% monthly; up 2.3% annually; £221,230 average

Terraced: down 0.2% monthly; up 1.1% annually; £181,232 average

Owners of semi-detached houses saw the biggest rise in property prices in Chorley in February – they increased 1.5%, to £219,322 on average. Over the last year, prices rose by 6.8%.

Among other types of property:

Detached: up 1.3% monthly; up 6% annually; £351,848 average

Terraced: up 1.2% monthly; up 5% annually; £169,482 average

Flats: up 1.4% monthly; up 4.7% annually; £138,816 average

Owners of terraced houses saw the biggest fall in property prices in Burnley in February – they dropped 2.9% in price, to £87,619 on average. Over the last year, prices dropped by 10.3%.

Among other types of property:

Detached: down 2% monthly; down 5.8% annually; £197,447 average

Semi-detached: down 2.7% monthly; down 8.5% annually; £126,801 average

Flats: down 2.9% monthly; down 9.3% annually; £67,290 average

How do property prices in Lancashire compare?

Buyers paid 37% less than the average price in the North West (£214,000) in February for a property in Blackpool. Across the North West, property prices are low compared to those across the UK, where the average cost is £281,000.

Buyers paid 11.5% less than the average price in the North West (£214,000) in February for a property in Wyre.

Buyers paid 13.8% more than the average price in the North West (£214,000) in February for a property in Fylde. 

Buyers paid roughly the same as the average price in the North West (£214,000) in February for a property in South Ribble.

Buyers paid 9.2% more than the average price in the North West (£214,000) in February for a property in West Lancashire.

Buyers paid 25.7% less than the average price in the North West (£214,000) in February for a property in Preston. 

Buyers paid 3.1% less than the average price in the North West (£214,000) in February for a property in Lancaster. 

Buyers paid 10.5% more than the average price in the North West (£214,000) in February for a property in Chorley. 

Buyers paid less for properties in Burnley than anywhere else in the UK in February. The average price paid in Kensington and Chelsea (£1.2 million), at the other end of the scale, would buy 11.2 homes in Burnley.

Across the North West, property prices are low compared to those across the UK, where the average cost is £281,000. The highest property prices across the UK were in Kensington and Chelsea.

The most expensive properties in the North West were in Trafford – £354,000 on average, and 2.6 times the price as in Blackpool. Trafford properties cost 3.4 times the price as homes in Burnley (£103,000 average), at the other end of the scale.

Average property price in February

Blackpool: £134,805

Preston: £158,883

Fylde: £243,415

Lancaster: £207,365

Chorley: £236,418

Wyre: £189,238

South Ribble: £213,565

West Lancashire: £233,530

Burnley: £103,386

The North West: £213,890

UK: £280,660

Annual change to February

Blackpool: 0%

Preston: +1.4%

Fylde: +4.6%

Chorley: +5.8%

Lancaster: +1.5%

Wyre: +0.8%

Burnley: -9.3%

South Ribble: +0.3%

West Lancashire: +6.1%

The North West: +1.4%

UK: -0.2%

Highest and lowest annual growth in the North West

Rossendale: +11.7%

Burnley: -9.3%