House prices leapt by 7.6 per cent in Eden in January, new figures show.
The significant boost contributes to the longer-term trend, which has seen property prices in the area achieve 14.7 per cent annual growth.
The average Eden house price in January was £244,581, Land Registry figures show – a 7.6 per cent increase on December.
Over the month, the picture was better than that across the North West, where prices decreased 0.3 per cent, and Eden outperformed the 0.4 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Eden rose by £31,000 – putting the area seventh among the North West’s 39 local authorities with price data for annual growth.
The best annual growth in the region was in Tameside, where property prices increased on average by 19.1 per cent, to £200,000. At the other end of the scale, properties in Allerdale gained just 2.5 per cent in value, giving an average price of £170,000.
Winners and losers
Owners of flats saw the biggest improvement in property prices in Eden in January – they increased 7.9 per cent, to £132,789 on average. Over the last year, prices rose by 9.6 per cent.
Among other types of property:
- Detached: up 7.3% monthly; up 17% annually; £355,456 average
- Semi-detached: up 7.8% monthly; up 15.2% annually; £231,333 average
- Terraced: up 7.8% monthly; up 12.7% annually; £189,508 average
First steps on the property ladder
First-time buyers in Eden spent an average of £200,000 on their property – £25,000 more than a year ago, and £50,000 more than in January 2017.
By comparison, former owner-occupiers paid £278,000 on average in January – 39.4 per cent more than first-time buyers.
How do property prices in Eden compare?
Buyers paid 22.4 per cent more than the average price in the North West (£200,000) in January for a property in Eden. Across the North West, property prices are high compared to those across the UK, where the average cost £274,000.
The most expensive properties in the North West were in Trafford – £347,000 on average, and 1.4 times as much as more than in Eden. Trafford properties cost 3.1 times as much as homes in Burnley (£110,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
