House prices increased by 2.9 per cent – more than the average for the North West – in Eden in September, 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 September was £273,533, Land Registry figures show – a 2.9 per cent increase on August.
Over the month, the picture was different to that across the North West, where prices increased 0.6 per cent, and Eden was above the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in Eden rose by £42,000 – putting the area third among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in Warrington, where property prices increased on average by 20.4 per cent, to £266,000. At the other end of the scale, properties in Barrow gained 3.6 per cent in value, giving an average price of £145,000.
An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.
But typical property values stalled across the UK between August and September, which caused annual growth to slow.
Andy Sommerville, director at property data provider Search Acumen said the latest data was further evidence of a turning tide for house prices.
The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.
Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes.
“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts.”
First steps on the property ladder
First-time buyers in Eden spent an average of £224,000 on their property – £33,000 more than a year ago, and £65,000 more than in September 2017.
By comparison, former owner-occupiers paid £311,000 on average in September – 39 per cent more than first-time buyers.
Property types
Owners of detached houses saw the biggest rise in property prices in Eden in September – they increased 3.2 per cent, to £395,818 on average. Over the last year, prices rose by 19.2 per cent.
Among other types of property:
- Semi-detached: up 3.1% monthly; up 18.5% annually; £260,354 average
- Terraced: up 2.7% monthly; up 17.2% annually; £213,632 average
- Flats: up 1.7% monthly; up 12.4% annually; £144,287 average
How do property prices in Eden compare?
Buyers paid 24.9 per cent more than the average price in the North West (£219,000) in September for a property in Eden. Across the North West, property prices are high compared to those across the UK, where the average cost £295,000.
The most expensive properties in the North West were in Trafford – £373,000 on average, and 1.4 times as much as more than in Eden. Trafford properties cost 3.2 times as much as homes in Burnley (£117,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
