House prices in Blackpool fall but homeowners are still quids in

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 10.9 per cent annual growth.

The average Blackpool house price in January was £127,308, Land Registry figures show – a 0.3% decrease on December.

Over the month, the picture was similar to that across the North West, where prices decreased 0.3%, and Blackpool underperformed compared to the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Blackpool rose by £13,000 – putting the area 21st among the North West’s 39 local authorities with price data for annual growth.

The best annual growth in the region was in Tameside, where property prices increased on average by 19.1%, to £200,000. At the other end of the scale, properties in Allerdale gained just 2.5% in value, giving an average price of £170,000.

Winners and Losers

Owners of detached houses fared worst in Blackpool in January – they dropped 0.8% in price, to £218,369 on average. But over the last year, prices rose by 14.6%.

Among other types of property:

Semi-detached: down 0.3% monthly; up 11% annually; £145,061 average

Terraced: down 0.2% monthly; up 10.8% annually; £107,824 average

Flats: down 0.2% monthly; up 6.8% annually; £76,856 average

First steps on the property ladder

First-time buyers in Blackpool spent an average of £113,000 on their property – £11,000 more than a year ago, and £20,000 more than in January 2017.

By comparison, former owner-occupiers paid £138,000 on average in January – 22.1% more than first-time buyers.

How do property prices in Blackpool compare?

Buyers paid 36.3% less than the average price in the North West (£200,000) in January for a property in Blackpool. Across the North West, property prices are low compared to those across the UK, where the average cost £274,000.

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

Factfile

Average property price in January

Blackpool: £127,308

The North West: £199,791

UK: £273,762

Annual growth to January

Blackpool: +10.9%

The North West: +9.6%

UK: +9.6%

Best and worst annual growth in the North West

Tameside: +19.1%

Allerdale: +2.5%