Figures from estate agent Rightmove suggest there has been ‘a drop of £39,637’ in average house prices in Broughton and Kersal since June of this year.
The average cost of a house in the two regions was estimated to be £295,095 this summer, making them Salford’s two most expensive areas to purchase a property.
However this has fallen to £255,409 according to figures from Rightmove.
Estate agent, Thornley Groves’ Managing Director, Matthew Smith, believes the situation is more complex than the figures suggest, with a number of reasons for the reported fall in house prices.
Mr Smith said: “There’s a lot of concern in the marketplace, because why should there not be? You see interest rates rise and the cost of living rising; the cost of power, the value of the pound falling too.”
He also added that annual demand drops off in Autumn, with families less likely to disrupt holidays by moving house in Summer. However, factors such as bank holidays and the Queen’s funeral are thought to have made house-owners less likely to have sold recently:
“This may just mean that at the moment, as we tend to find as you come out after summer period, there’s not that many family owned properties that come to market because as you can imagine, children are off school and the amount of people selling isn’t particularly high.”
However, he added that the outlook for the market is uncertain, due to the rise in the cost of living and currency crash:
“But there’s a lot of concern in the marketplace, because why should there not be? You buy interest rates rise and the cost of living rising? And the cost of power, the value of the pound falling.”
Kersal and Broughton both had average house prices of £295,046 back in June which have since dropped £39,637 this month.https://t.co/iGOkMLmN7m
— My Salford (@MySalford) September 27, 2022
Properties in Kersal and Broughton are still reported to be above the overall city-wide average property cost for Salford, which currently sits at £212,369 according to Rightmove.
This overall cost however has risen massively since 2019, with the current rates being a 14% increase from £186,736 that year.
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