House prices in Preston continue to rise

If you are looking to buy a house in Preston the average price in February was £161,636, – a 0.5 per cent increase on January. The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10.3 per cent annual growth. Over the last year, the average sale price of property in Preston rose by £15,000 – putting the area 10th among the north west’s 35 local authorities with price data for annual growth. The best annual growth in the region was in Fylde, where property prices increased on average by 14.2 per cent, to £247,000.

How much do other types of property cost on average?

Owners of detached houses saw the biggest improvement in property prices in Preston in February with an increase of 1 per cent to £303,071 on average. Over the last year, prices rose by 11.8 per cent.

Semi-detached houses were up 0.5 per cent monthly; up 10.1 per cent annually; £181,326 average.

Terraced houses were up 0.2 per cent monthly; up 9.8 per cent annually; £126,584 average.

Flats rose up 0.7 per cent monthly; up 8.1 per cent annually; £87,508 average.

How much for first time buyers?

First-time buyers in Preston spent an average of £133,000 on their property – £12,000 more than a year ago, and £26,000 more than in February 2018. By comparison, former owner-occupiers paid £187,000 on average in February – 41.3 per cent more than first-time buyers.

How much is the most expensive property in the north west?

Buyers paid 24.5 per cent less than the average price in the north west (£214,000) in February for a property in Preston. Across the north west, property prices are low compared to those across the UK, where the average cost is £288,000.

The most expensive properties in the north west were in Trafford – £363,000 on average, and 2.2 times as much as more than in Preston. Trafford properties cost 3.1 times as much as homes in Burnley (£116,000 average), at the other end of the scale.

The highest property prices across the UK were in the £160,000 range.