House prices in Eden continue to climb, latest figures show – athough they experienced a slight drop in July.
House prices dropped by 1.3 per cent in July, but it did not reverse the longer-term trend, which has seen property prices in the area achieve 15.2 per cent annual growth.
The average Eden house price in July was £257,311, Land Registry figures show – a 1.3 per cent decrease on June.
Over the month, the picture was worse than that across the North West, where prices increased 2.5 per cent, and Eden underperformed compared to the two per cent rise for the UK as a whole.
Across the UK, the the average UK house price leapt by 15.5 per cent in the year to July, marking the biggest increase in 19 years.
But the increase in annual inflation was mainly because of a base effect from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.
Over the last year, the average sale price of property in Eden rose by £34,000 – putting the area fourth among the North West’s 39 local authorities with price data for annual growth.
The best annual growth in the region was in Hyndburn, where property prices increased on average by 16.4 per cent, to £134,000. At the other end of the scale, properties in Pendle gained just 4.4 per cent in value, giving an average price of £130,000.
Winners and losers
Owners of flats fared worst in Eden in July – they dropped 1.7 per cent in price, to £137,727 on average. But over the last year, prices rose by 10 per cent.
Among other types of property:
- Detached: down 1.4% monthly; up 16.6% annually; £370,937 average
- Semi-detached: down 1.2% monthly; up 15.6% annually; £243,984 average
- Terraced: down 1.3% monthly; up 14.5% annually; £202,019 average
First steps on the property ladder
First-time buyers in Eden spent an average of £211,000 on their property – £27,000 more than a year ago, and £49,000 more than in July 2017.
By comparison, former owner-occupiers paid £292,000 on average in July – 38.7 per cent more than first-time buyers.
How do property prices in Eden compare?
Buyers paid 18.5 per cent more than the average price in the North West (£217,000) in July for a property in Eden. Across the North West, property prices are higher than those across the UK, where the average cost £292,000.
The most expensive properties in the North West were in Trafford – £363,000 on average, and 1.4 times as much as more than in Eden. Trafford properties cost three times as much as homes in Burnley (£120,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
