Housing Monitor House prices 2008-2013 180,000
160,000
140,000
120,000
100,000 May 2008
May 2009
GM
May 2010
North West
May 2011
May 2012
May 2013
England and Wales
GM housing market continues to decline The average house in GM cost £102,569 in May 2013 based on the latest data released by the Land Registry, falling by 2.3% (£2,390) when compared with 12 months previously. Nationally there is a slight increase in house prices, although this is largely driven by London where housing prices are once again pulling away from the rest of the UK.
House prices in England & Wales remained fairly static at £161,969 in May, up very slightly on the April average of £161,755. On an annual basis, house prices grew by 0.5% (+£836) nationally. London continues to see annual house price increases, with the average cost of a property rising by 5.0% (+£17,961) to reach £375,068 over the 12 months to May 2013. Recent released research by the Nationwide building society showed that the gap between house prices in London and the rest of the UK is the widest that it has ever been. Prices in London are now 5% above the peak reached in 2007, while prices across the rest of the UK were still 9% lower than in 2007. Across other regions prices varied widely, but London appears to now operate as a separate market from the rest of the country.
Across GM, only Trafford (+3.3% or £5,290) and Manchester (+0.6%, or £965) saw any house price growth between May 2012 and 2013. The other eight GM districts all saw declines, with the largest falls witnessed in Salford (-9.1%), Oldham (-5.8%) and Rochdale (-5.2%). The latest house sales data for March 2013 show that total sales in GM stood at 2,023, representing a significant monthly rise of 13.9% (+247), but a substantial annual decline of 16.8% (-322). House sales nationally also fell significantly – by 17.5% and 17.0% on a monthly and yearly basis respectively.
Manchester Monitor – July 2013 | 7