Cheshire East house prices third highest in North West but average house prices stall nationally

By Rich Wilcock

20th Feb 2023 | Property

Buyers are returning to the market but cost and mortgage rate pressures keep prices down (image - Unsplash/Different Resonance)
Buyers are returning to the market but cost and mortgage rate pressures keep prices down (image - Unsplash/Different Resonance)

Cheshire continued to buck the trend in terms of the average prices across the North West as the latest data from the Land Registry showed Cheshire East to have the third highest house prices in the North West, at £302,300.

Whilst the North West as a region remained at £221,101 as an average house price, both Crewe and Middlewich were lower than the average.

The resilience of the Cheshire East market was reflected in the average house price rise, with the North West rising on average 12.4% over the last year whilst Cheshire East's rise was higher still, at 14%,

The findings from the land registry followed the news that the normal house price boost that usually happens at the start of the year has failed to materialise according to the property website Rightmove as asking prices remained virtually stagnant from January to February with higher mortgage rates and high living costs partly to blame.

For the North-West, the average price of a house on the market has fallen 0.3% from January to £248, 026.

Whilst the current average house price has fallen, it is still 5% higher than the same time last year as the market continues to recover from the pandemic.

The market in general across the country has fallen again though, with January the only month in the last seven, to have shown any growth in the housing market.

Whilst the current economic uncertainty is keeping prices down, buyer demand is up, up 11% and returning to pre-pandemic levels.

Tim Bannister, Rightmove's Director of property services, said "This month's flat average asking price indicates that many sellers are breaking with tradition and showing unseasonal initial pricing restraint.

In addition to market conditions demanding greater realism on price, we are transitioning into a slower paced market, where buyers will take longer to find the right property at the right price due to the higher cost of servicing a mortgage."

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