House prices increased by 1.3% in Blackpool in May, new figures show

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.6% over the last year.

The average Blackpool house price in May was £131,384, Land Registry figures show – a 1.3% increase on April.

Over the month, the picture was different to that across the North West, where prices decreased 0.2%, and Blackpool was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Blackpool rose by £2,100 – putting the area 29th among the North West’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in West Lancashire, where property prices increased on average by 12%, to £239,000.

At the other end of the scale, properties in Hyndburn lost 1.3% of their value, giving an average price of £118,000.

First steps on the property ladder

First-time buyers in Blackpool spent an average of £116,600 on their property – £1,700 more than a year ago, and £25,100 more than in May 2018.

By comparison, former owner-occupiers paid £142,100 on average in May – 21.8% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Blackpool in May – they increased 1.5%, to £78,260 on average. Over the last year, prices rose by 1.1%.

Among other types of property:

- Detached: up 1% monthly; up 1.6% annually; £223,368 average

- Semi-detached: up 1.3% monthly; up 2.1% annually; £150,686 average

- Terraced: up 1.4% monthly; up 1.1% annually; £111,073 average

How do property prices in Blackpool compare?

Buyers paid 38% less than the average price in the North West (£212,000) in May for a property in Blackpool. Across the North West, property prices are low compared to those across the UK, where the average cost is £286,000.

The most expensive properties in the North West were in Trafford – £360,000 on average, and 2.7 times the price as in Blackpool. Trafford properties cost 3.2 times the price as homes in Burnley (£111,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.