House prices increased slightly, by 0.8%, in Preston in May, new figures show.
An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said: “The average house price hit another record high in May, and rose faster than any time since the peak in June last year.
"However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."First-time buyers in Preston spent an average of £128,000 on their property – £15,000 more than a year ago, and £27,000 more than in May 2017.
By comparison, former owner-occupiers paid £181,000 on average in May – 40.6% more than first-time buyers.Owners of terraced houses saw the biggest rise in property prices in Preston in May – they increased 1.3%, to £122,716 on average. Over the last year, prices rose by 13.6%.Semi-detached: up 0.8% monthly; up 14.
Buyers paid 24.1% less than the average price in the North West in May for a property in Preston. Across the North West, property prices are low compared to those across the UK, where the average cost £283,000. The most expensive properties in the North West were in Trafford – £353,000 on average, and 2.3 times as much as more than in Preston. Trafford properties cost 3.2 times as much as homes in Burnley , at the other end of the scale.Average property price in May
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