House prices increased by 2.8 per cent – more than the average for the North West – in Eden in June, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 17.9 per cent over the last year.
The average Eden house price in June was £264,283, Land Registry figures show – a 2.8 per cent increase on May.
Over the month, the picture was different to that across the North West, where prices increased 2.1 per cent, and Eden was above the 1% rise for the UK as a whole.
Over the last year, the average sale price of property in Eden rose by £40,000 – putting the area second among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in St Helens, where property prices increased on average by 19.5 per cent, to £184,000. At the other end of the scale, properties in Allerdale gained 1.1 per cent in value, giving an average price of £175,000.
An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
But activity is starting to slow, with soaring inflation putting household budgets under pressure.
First steps on the property ladder
First-time buyers in Eden spent an average of £217,000 on their property – £33,000 more than a year ago, and £56,000 more than in June 2017.
By comparison, former owner-occupiers paid £300,000 on average in June – 38.4 per cent more than first-time buyers.
Property types
Owners of flats saw the biggest rise in property prices in Eden in June – they increased 3.5 per cent, to £142,107 on average. Over the last year, prices rose by 13.3 per cent.
Among other types of property:
- Detached: up 2.1% monthly; up 19% annually; £380,935 average
- Semi-detached: up 3% monthly; up 18.4% annually; £250,321 average
- Terraced: up 3.5% monthly; up 17.2% annually; £207,450 average
How do property prices in Eden compare?
Buyers paid 24.5 per cent more than the average price in the North West (£212,000) in June for a property in Eden. Across the North West, property prices are high compared to those across the UK, where the average cost £286,000.
The most expensive properties in the North West were in Trafford – £362,000 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.
