Chorley house prices: Terraced homes see the biggest increase in property value and first-time buyers are spending much more

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.7% annual growth.

The average Chorley house price in April was £197,511, Land Registry figures show – a 1% increase on March.

Over the month, the picture was better than that across the North West, where prices decreased 2.6%, and Chorley outperformed the 1.9% drop for the UK as a whole.

Buyers paid 7.8% more than the average price in the North West (£183,000) in April for a property in Chorley.

Across the North West, property prices are low compared to those across the UK, where the average cost £251,000.

Over the last year, the average sale price of property in Chorley rose by £21,000 – putting the area 22nd among the North West’s 43 local authorities for annual growth.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Chorley in April – they increased 1.1%, to £140,939 on average.

Over the last year, prices rose by 11.8%.

Among other types of property:

Detached: up 0.9% monthly; up 12.1% annually; £297,122 average

Semi-detached: up 1% monthly; up 11.6% annually; £180,091 average

Flats: up 1% monthly; up 8.4% annually; £118,438 average

First steps on the property ladder

First-time buyers in Chorley spent an average of £160,000 on their property – £16,000 more than a year ago, and £33,000 more than in April 2016.

By comparison, former owner-occupiers paid £222,000 on average in April – 38.6% more than first-time buyers.