According to the Land Registry, house prices rose by 2.2% in the North West in the twelve months ending October 2019. However here on the Fylde house prices fell, registering an average negative figure of -1.72%.
This reduction is good news for first time buyers, but some home owners may now find themselves looking at negative equity.
The average price of a house in our region, as determined by the Land Registry, in October 2019 was £191,629 – a fall of £3,351 from October 2018, when the average price was £194,980.
The biggest losers in the Fylde area were flats and maisonettes – their price fell by 3.6%. Detached houses held their price the best, although they likewise showed a fall in value (-1.01%).
The average costings of a detached house in October 2019 was £292,495, a semi comes in at £195,393, a terrace is priced at £156,712 whilst the typical value of a flat and maisonette is £112,207.
Current statistics show that 1581 homes were sold in the Fylde area from October 2018 to September 2019. Recent indications show that 664 of these homes were bought by cash buyers, whilst 908 were bought using funds from a mortgage –although all this data is not yet in.
Nationwide Building Society have commented: ‘Looking ahead, economic developments will remain the key driver of house prices. Much will continue to depend on how quickly uncertainty about the UK’s future trading relationships lifts as well as the outlook for global growth. Overall, we expect the economy to continue to expand at a modest pace in 2020, with house prices remaining broadly flat over the next 12 months.’