House prices dropped by 1.4% in Blackpool in August, new Land Registry figures show

House prices dropped by 1.4% in Blackpool in August, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.2% annual decline.

The average Blackpool house price in August was £132,799, Land Registry figures show – a 1.4% decrease on July.

Over the month, the picture was different to that across the North West, where prices remained static, and Blackpool was lower than the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Blackpool fell by £4,400 – putting the area 33rd among the North West’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Ribble Valley, where property prices increased on average by 6.8%, to £284,000. At the other end of the scale, properties in Burnley lost 5.6% of their value, giving an average price of £111,000.

In Fylde, house prices dropped slightly by 0.3%. In Wyre, prices dropped by 0.9%.

The average house price in Fylde was £239,233. In Wyre, the average price was £194,624.

First steps on the property ladder

First-time buyers in Blackpool spent an average of £117,800 on their property – £4,100 less than a year ago, but £23,100 more than in August 2018.

By comparison, former owner-occupiers paid £143,600 on average in August – 21.9% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Blackpool in August – they dropped 2% in price, to £78,301 on average. Over the last year, prices dropped by 4.1%.

Among other types of property:

- Detached: down 1.3% monthly; down 2.3% annually; £225,324 average

- Semi-detached: down 1.3% monthly; down 2.6% annually; £152,267 average

- Terraced: down 1.4% monthly; down 3.9% annually; £112,665 average

How do property prices in Blackpool compare?

Buyers paid 38.5% less than the average price in the North West (£216,000) in August for a property in Blackpool. Across the North West, property prices are low compared to those across the UK, where the average cost is £291,000.

The most expensive properties in the North West were in Trafford – £372,000 on average, and 2.8 times the price as in Blackpool. Trafford properties cost 3.4 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 (£1.4 million).

Average property price in August

- Blackpool: £132,799

- The North West: £215,791

- UK: £291,044

Annual change to August

- Blackpool: -3.2%

- The North West: +0.4%

- UK: +0.2%

Highest and lowest annual growth in the North West

- Ribble Valley: +6.8%

- Burnley: -5.6%