Manchester homeowners suffered from the worst decline in prices throughout the country during 2012, according to a new study.
House prices dropped 9% across Greater Manchester – falling to an average of £171,000 in 12 months – while overall prices in England fell by 0.4%.
The study by Nationwide revealed that prices across the North West now average £133,000 – equating to a 1.6% decline in – while English homes cost more than £50,000 more on average (£186,000).
And chief economist of the building society Robert Gardner revealed that the doom and gloom of the sluggish housing market is far from over.
He said: “With the economic recovery expected to remain fairly weak, the housing market is likely to be characterised by low levels of activity again in 2013, with prices remaining flat or modestly lower over the course of the year.”
The study’s prediction for a slow-moving market to continue was backed by numerous others, including ones from Rightmove, Halifax and the Bank of England.
And despite recent figures indicating that mortgage approvals have increased following government schemes to stimulate the buying and selling process, 11 out of 13 UK regions saw falls in prices.
The capital London benefitted from the strongest increase, with a 0.7% boost compared to the previous year’s figures.
Matthew Pointon, economist at Capital Economics, said: “The housing market in 2013 is unlikely to perform any better than in 2012. If anything, with the risks still firmly on the downside, a slightly larger fall of around 5% in prices is to be expected.”