House prices increased by 1.4 per cent – more than the average for the North West – in Cumbria in November, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 5.9 per cent annual growth.
The average Cumbria house price in November was £168,558, Land Registry figures show – a 1.4 per cent increase on October.
Over the month, the picture was better than that across the North West, where prices increased 0.2 per cent, and Cumbria outperformed the 1.2 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Cumbria rose by £9,400 – putting the area 30th among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in Burnley, where property prices increased on average by 15.4 per cent, to £99,000.
At the other end of the scale, properties in Ribble Valley gained 0.4 per cent in value, giving an average price of £219,000.
Winners and losers
Owners of detached houses saw the biggest improvement in property prices in Cumbria in November – they increased 1.5 per cent, to £278,349 on average.
Over the last year, prices rose by 7.5 per cent.
Among other types of property:
Semi-detached: up 1.4 per cent monthly; up six per cent annually; £169,138 average
Flats: up 0.4 per cent monthly; up 1.5 per cent annually; £113,113 average
First steps on the property ladder
First-time buyers in Cumbria spent an average of £139,300 on their property – £7,100 more than a year ago, and £17,900 more than in October 2015.
By comparison, former owner-occupiers paid £195,200 on average in November – 40.2 per cent more than first-time buyers.
How do property prices in Cumbria compare?
Buyers paid 6.5 per cent less than the average price in the North West (£180,000) in November for a property in Cumbria.
Across the North West, property prices are low compared to those across the UK, where the average cost £250,000.
The most expensive properties in the North West were in Trafford – £312,000 on average, and 1.8 times as much as in Cumbria.
Trafford properties cost 3.1 times as much as homes in Burnley (£99,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average November sale price of £1.5 million could buy 16 properties in Blaenau Gwent (average £95,000).
Factfile
- Average property price in November Cumbria: £168,558
- The North West: £180,280UK: £249,633
- Annual growth to November Cumbria: +5.9 per cent
- The North West: +8.5 per cent
- UK: +7.6 per cent
- Best and worst annual growth in the North West Burnley: +15.4 per cent; Ribble Valley: +0.4 per cent
