New figures reveal the most and least expensive neighbourhoods to buy in Eden.
The UK property market has had a turbulent few years – with a boom in the immediate aftermath of the pandemic, followed by a slowdown amid rising interest rates and inflation.
New figures from the Office for National Statistics show where properties are likely to set you back the most in Eden, and where you could snap up a bargain.
The Morland neighbourhood was Eden’s priciest, with a median value of £405,000 among the 17 sales in the area last calendar year.
The next most expensive was the Warcop area, where a house could set you back £370,050, and Langwathby, which had a median price of £367,500 in 2022.
Meanwhile, the Penrith Pategill neighbourhood saw the lowest house prices, with buyers paying an average of £150,000 across 15 sales last year.
This was followed by Orton with Tebay and Penrith West, where buyers spent £155,000 and £170,000 respectively.
Across the country, property sales have slowed significantly in the past year.
Richard Donnell, executive director of research at the property search website Zoopla, said: “The increase in mortgage rates is having a bigger impact on the number of sales rather than house prices so far.”
Recent research by the company suggests sellers are shaving off more than five per cent of the original asking price to achieve a sale.
“There are big regional variations with market activity holding up better in Scotland, the North East and London while sales have increased more slowly in England regions across the south of England.
“House prices are starting to post small falls in higher value markets where average values are over £400,000 – in more affordable markets prices are still rising year on year, albeit at much slower rates than a year ago,” he added.
There were 700,000 sales across England and Wales in the year to December 2021 – down from a recent peak of more than 1.1 million in the year to September 2021.
Overall, house prices have remained steady, with a median price of £280,000 last year – a £5,000 increase on the year before.
In Eden, the average house cost £249,500 in 2022 – up from £230,000 a year before.
The number of properties sold dropped, from 1,136 in 2021 to 801 last year.
