As we wrapped up the last month of the year, Preston’s housing market showed a promising increase, contrasting with broader trends across the UK. In December, Preston witnessed a 1.8% climb in house prices, a figure that, while modest, signifies a continuous upward trajectory in the local property market. This increment pushed the average house price in Preston to £163,251, according to the latest figures from the Land Registry.

A Comparative Perspective

This growth in Preston stands out, especially when compared to the overall UK, which saw a marginal increase of 0.1% in the same period. However, when we zoom out to the North West, the region experienced a slightly more robust growth of 2.5%, positioning Preston’s growth as moderate yet significant within its local context.

Yearly Growth – A Wider Lens

Looking at the broader picture, Preston’s property market has been on an upward trend, with a 3.1% growth rate over the past year. This increase has added an average of £4,900 to the value of properties, ranking Preston seventh among the North West’s 35 local authorities in terms of annual price growth.

Interestingly, the highest annual growth in the region was observed in West Lancashire, where property prices surged by 9.8%. On the flip side, Hyndburn witnessed a 7.8% decrease in property values, highlighting the varied dynamics within the North West.

Adjacent areas experienced a mix of ups and downs in December. South Ribble saw a 1.8% drop in house prices, whereas Chorley and Blackburn with Darwen enjoyed increases of 0.4% and 1.3%, respectively. Blackpool and Fylde also saw modest gains, but Wyre’s property values dipped by 0.8%.

First Steps and Beyond

For first-time buyers in Preston, the journey onto the property ladder has become slightly more expensive, with the average purchase price reaching £133,500, up £3,200 from last year. In contrast, those moving homes paid an average of £190,100, showcasing a significant gap in affordability between first-time buyers and former owner-occupiers.

The Tale of Property Types

Detached houses in Preston saw the most significant price increase in December, with a 2.7% rise, reflecting a longer-term growth of 6.8% over the past year. Semi-detached homes, terraced houses, and flats also experienced price increases, albeit at varying rates, indicating a healthy demand across different property types.

Comparing Preston to the North West and Beyond

When it comes to affordability, Preston’s property market offers significant value, with prices 25.2% lower than the North West average. This disparity becomes even more pronounced when comparing Preston to Trafford, where properties are more than twice as expensive.

Nationally, Preston’s housing market presents an appealing option for buyers, especially when compared to the astronomical prices in places like Kensington and Chelsea, highlighting the city’s position as a relatively affordable spot in the UK property market.