House prices dropped slightly in an East Lancashire borough over the last month, new figures have revealed.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 9.6 per cent annual growth.
The average Blackburn with Darwen house price in May was £123,739, Land Registry figures show – a 0.5 per cent decrease on April.
Over the month, the picture was worse than that across the North West, where prices increased 1.4 per cent, and Blackburn with Darwen underperformed compared to the 0.9 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Blackburn with Darwen rose by £11,000 – putting the area 37th among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in Copeland, where property prices increased on average by 22.7 per cent, to £149,000. At the other end of the scale, properties in Carlisle gained 2.4 per cent in value, giving an average price of £140,000.
Winners and Losers
Owners of flats fared worst in Blackburn with Darwen in May – they dropped 1.3 per cent in price, to £79,823 on average. But over the last year, prices rose by 5.7 per cent.
Among other types of property:
Detached: remained level over the month; up 11.6 per cent annually; £226,654 average
Semi-detached: down 0.9 per cent monthly; up 8.4 per cent annually; £130,388 average
Terraced: down 0.4 per cent monthly; up 9.8 per cent annually; £102,498 average
First steps on the property ladder
First-time buyers in Blackburn with Darwen spent an average of £109,900 on their property – £9,300 more than a year ago, and £22,100 more than in May 2016.
By comparison, former owner-occupiers paid £137,600 on average in May – 25.2 per cent more than first-time buyers.
How do property prices in Blackburn with Darwen compare?
Buyers paid 34.6 per cent less than the average price in the North West (£189,000) in May for a property in Blackburn with Darwen. Across the North West, property prices are low compared to those across the UK, where the average cost £255,000.
The most expensive properties in the North West were in Trafford – £318,000 on average, and 2.6 times as much as in Blackburn with Darwen. Trafford properties cost 3.2 times as much as homes in Burnley (£100,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average May sale price of £1.2 million could buy 12 properties in Burnley (average £100,000).
Average property price in May
Blackburn with Darwen: £123,739
The North West: £189,245
Annual growth to May