House prices are still on the rise all across the UK but it appears that in some areas the property market could finally be slowing down. The average price of a home coming onto the market rose by just 0.2% in the last month, according to Rightmove, which is lower than the average of 1.2% at this time of year.
And it’s good news for those who are looking to buy a house in Greater Manchester as there are several parts of the region where house prices have already begun to fall, making buying a home much more affordable.
Whilst comparing the average house price in each area between February and May, we found seven places where property prices have dropped drastically. The cost of a home in these parts of the region have fallen between £23,000 and £46,000 in the last few months alone, according to figures from Rightmove.
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Here are the areas where house prices are falling, which may make buying a home in these areas much easier.
Altrincham, Trafford
The market town of Altrincham is known to be a relatively affluent area since it is based in the region’s most expensive borough, Trafford.
But all hope is not lost for house hunters who want to live in the sought-after town, as over the last year house prices in Altrincham have gone down by eight percent.
In the last few months alone the cost of properties here have fallen, with the average house price dropping from £516,150 in February down to £469,740 in May – a drastic decrease of £46,410.
Collyhurst, Manchester
Property prices appear to have fallen a lot in Collyhurst. Over the last year house prices were down a whopping 19 percent down on the previous year and 13 percent down on the 2020 peak of £210,205.
In March, the average cost of a home in the area, which sits on the fringes of the city centre, was £228,960. But in May, this has now fallen by £45,100 down to £183,860 – a much more affordable price for house hunters.
Broadbottom, Tameside
In the pretty Tameside village of Broadbottom, house prices are down eight percent since last year.
In the last few months alone, the average price of a property has dropped by £43,800, falling from £277,570 In February down to £233,770 in May.
Westhoughton, Bolton
Westhoughton, a town in Bolton, is another area which has seen a drastic fall in house prices recently.
Overall, property prices in Westhoughton over the last year were five percent down on the previous year and between March and May, the average cost of a home has fallen by £36,460 from £235,120 to £198,660 in May.
Castlefield, Manchester
Castlefield, a city-centre area filled with canals, casual waterfront bars and green spaces, is a popular part of Manchester to live – but house prices appear to be coming down.
Over the last year, property costs were 13 percent lower than the previous year and 10 percent down on the 2020 peak of £295,561.
In March, the average price of a home in the area was £301,830 but this has now fallen by £35,620 down to £266,210 in May.
Marple Bridge, Stockport
In Marple Bridge, a district of Marple which sits in the borough of Stockport, property prices are reasonably high.
However recent months have seen a £28,810 fall in the cost of homes here, which has taken the average house price from £472,000 in February down to £443,190 in May.
Pemberton, Wigan
House prices are known to be fairly cheap in Pemberton, Wigan, but they’ve now dropped even lower.
The average cost of a home in the area back in March was £162,160, but this has now fallen by £23,890 down to £138,270 in May.
House price data is publicly available information produced by the HM Land Registry. This data is accurate as of May 4, 2023.
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