House prices saw 14.2 per cent annual growth in Eden, new figures show.
However, the average Eden house price in July was £232,709, the latest data from the Land Registry shows – a 2.2 per cent decrease on June.
Over the month, the picture was better than that across the North West, where prices decreased 7.6 per cent, and Eden outperformed the 3.7 per cent drop for the UK as a whole.
Over the last year, the average sale price of property in Eden rose by £29,000 – putting the area 16th 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 19.9 per cent, to £169,000.
At the other end of the scale, properties in Hyndburn gained 4.4 per cent in value, giving an average price of £105,000.
Winners and losers
Owners of detached houses fared worst in Eden in July – they dropped 2.8 per cent in price, to £132,074 on average. But over the last year, prices rose by 14.5 per cent.
Among other types of property:
- Semi-detached: down 1.8% monthly; up 13.9% annually; £219,847 average
- Terraced: down 1.9% monthly; up 14.8% annually; £183,556 average
- Flats: down 1.3% monthly; up 11.6% annually; £132,074 average
First steps on the property ladder
First-time buyers in Eden spent an average of £192,000 on their property – £24,000 more than a year ago, and £38,000 more than in July 2016.
By comparison, former owner-occupiers paid £263,000 on average in July – 37.0 per cent more than first-time buyers.
Research published by The Cumberland recently found that the must-have for people buying their first home was a garden.
Access to outdoor spaces has been increasingly valued during the pandemic, alongside an increasing desire to connect with nature which was reflected in the findings of the survey of over 200 first-time buyers by The Cumberland.
Eighty-five per cent said having a garden was important to them.
The Great First Time Buyer Survey was carried out by The Cumberland, which is the 10th biggest building society in the UK.
It recorded 218 responses to the survey, which ran online between June and July.
How do property prices in Eden compare?
Buyers paid 25.7 per cent more than the average price in the North West (£185,000) in July for a property in Eden.
Across the North West, property prices are lower than those across the UK, where the average cost £256,000.
The most expensive properties in the North West were in Trafford – £324,000 on average, and 1.4 times as much as in Eden.
Trafford properties cost 3.2 times as much as homes in Burnley (£101,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).
