Manchester houses prices ‘defy national rise’

House prices in Greater Manchester are still retreating in spite of an average increase nationally, according to research from Greater Manchester Chamber of Commerce.

Using Land Registry data, the chamber's Business & Economic Research & Intelligence unit suggests a trend of "gradual weakening", with average prices similar to that of the autumn of 2004.

There is currently little evidence that the Funding for Lending scheme is yet having any impact in our region, the report adds.

According to the Office for National Statistics, house prices increased nationally by 2.9% in the year to May.