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.
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Hide AdOver 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
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Hide AdOwners 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.