House prices have risen well above inflation in certain parts of Greater Manchester. According to the latest data from the Office for National Statistics, six areas of our region and York are the only places in the north where house prices have increased above inflation since the market crash of 2007.
While property prices are up across much of the country, the south has seen far bigger house price rises compared to the north. Only seven local areas in the north have seen an increase in house prices compared to before the 2007 financial crash - and six of those are in Greater Manchester. Homes in Trafford sold for an average of £356,859 each in the 12 months to March 2024. That’s 15.0 percent higher than would be expected had prices increased in-line with inflation since March 2007.
In Salford homes cost 10.5 percent more than they would had they increased according to inflation. In Stockport they are 4.8 percent higher, in Bury they are 1.4 percent more expensive, and in Oldham house prices are just 0.1 percent higher than inflation.