House prices increased by 1.5 per cent – more than the average for the North West – in Eden in November, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 12.8 per cent over the last year.
The average Eden house price in November was £273,315, Land Registry figures show – a 1.5 per cent increase on October.
Over the month, the picture was different to that across the North West, where prices increased 0.4 per cent, and Eden was above the 0.3 per cen drop for the UK as a whole.
Over the last year, the average sale price of property in Eden rose by £31,000 – putting the area 22nd among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in Allerdale, where property prices increased on average by 15.6 per cent, to £194,000. At the other end of the scale, properties in West Lancashire gained 9.1 per cent in value, giving an average price of £225,000.
The average UK house price edged down to £295,000 in November 2022, from the previous month’s record high of £296,000.
Property prices increased by 10.3 per cent in the year to November, slowing from 12.4 per cent in October.
Nathan Emerson, CEO of Propertymark, which represents estate agents, said: “In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months.”
And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”
First steps on the property ladder
First-time buyers in Eden spent an average of £224,000 on their property – £26,000 more than a year ago, and £62,000 more than in November 2017.
By comparison, former owner-occupiers paid £311,000 on average in November – 38.9 per cent more than first-time buyers.
Property types
Owners of flats saw the biggest rise in property prices in Eden in November – they increased 1.9 per cent, to £144,286 on average. Over the last year, prices rose by 9.1 per cent.
Among other types of property:
- Detached: up 1.4% monthly; up 13.1% annually; £395,956 average
- Semi-detached: up 1.4% monthly; up 13.1% annually; £259,223 average
- Terraced: up 1.6% monthly; up 13% annually; £213,781 average
How do property prices in Eden compare?
Buyers paid 23.5 per cent more than the average price in the North West (£221,000) in November 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 – £376,000 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 (£118,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
