House prices dropped by 0.9 per cent in Eden in August, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 6.6 per cent annual growth.
The average Eden house price in August was £220,735, Land Registry figures show – a 0.9 per cent decrease on July.
Over the month, the picture was worse than that across the North West, where prices increased 4.5 per cent, and Eden underperformed compared to the 2.9 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Eden rose by £14,000 – putting the area 40th among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in Rossendale, where property prices increased on average by 24.6 per cent, to £182,000.
At the other end of the scale, properties in Allerdale gained 3.5 per cent in value, giving an average price of £160,000.
Winners and losers
Owners of flats fared worst in Eden in August – they dropped 1.8 per cent in price, to £123,704 on average. But over the last year, prices rose by 3.6 per cent.
Among other types of property:
- Detached: down 0.5 per cent monthly; up 7.7 per cent annually; £315,907 average
- Semi-detached: down 0.7 per cent monthly; up 6.8 per cent annually; £209,301 average
- Terraced: down 1.4 per cent monthly; up 5.9 per cent annually; £172,517 average
First steps on the property ladder
First-time buyers in Eden spent an average of £181,000 on their property – £11,000 more than a year ago, and £27,000 more than in August 2016.
By comparison, former owner-occupiers paid £250,000 on average in August – 37.7 per cent more than first-time buyers.
How do property prices in Eden compare?
Buyers paid 13.3 per cent more than the average price in the North West (£195,000) in August for a property in Eden.
Across the North West, property prices are lower than those across the UK, where the average cost £264,000.
The most expensive properties in the North West were in Trafford – £339,000 on average, and 1.5 times as much as in Eden.
Trafford properties cost 3.2 times as much as homes in Burnley (£107,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
