The average cost of a home is becoming more affordable in certain parts of the region.
House prices have been on the rise across the UK for quite some time, but it looks as though the property market could finally be slowing down. Halifax has recorded the biggest monthly fall in house prices in October since early 2021, according to its latest index.
Property prices dropped by 0.4 percent last month, marking the third consecutive fall in the last four months, with annual house price growth slowing to 8.3 percent from a 9.8 percent growth recorded in September. With the average cost of a home in the UK now £292,598, it is expected that buying a house may begin to become more affordable.
All hope is not lost for house hunters across Greater Manchester as there are some parts of the region where property prices are already dropping drastically. Whilst comparing the average cost of a home in August and October, we found eight areas where house prices have fallen between £25,000 and £73,000 in the last few months, according to figures from Rightmove.
And it's good news for first-time buyers who have been struggling to get on the property ladder, as there may now be more parts of the region where house prices are much more reasonable.
Castlefield, Manchester
The average house price in Castlefield was £345,233 in August. This has since dropped by £72,218 to £273,015 - which is much nearer to the average cost of a property across the UK.
Bamford, Rochdale
House prices are also dropping in Bamford, with a fall of £41,583 in the last few months. The average house price in the area is now £240,271 having fallen from £281,854 in August.
Didsbury, Manchester
Didsbury is renowned for being one of Manchester's more expensive areas, but house prices are now beginning to fall. In August the average cost of a home here was £393,248 whereas this dropped by £40,573 to £352,675 in October.
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