House prices dropped by 3.7 per cent – more than the average for the North West – in Eden in December, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 8.6 per cent over the last year.
The average Eden house price in December was £261,143, Land Registry figures show – a 3.7 per cent decrease on November.
Over the month, the picture was different to that across the North West, where prices decreased 0.1 per cent, and Eden was lower than the 0.4 per cent drop for the UK as a whole.
Over the last year, the average sale price of property in Eden rose by £21,000 – putting the area 38th among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in West Lancashire, where property prices increased on average by 23.8 per cent, to £244,000. At the other end of the scale, properties in South Lakeland gained 5.9 per cent in value, giving an average price of £287,000.
The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.
It meant prices increased by 9.8 per cent annually in December, slowing from 10.6 per cent annual growth in November, according to the Office for National Statistics.
First steps on the property ladder
First-time buyers in Eden spent an average of £214,000 on their property – £18,000 more than a year ago, and £48,000 more than in December 2017.
By comparison, former owner-occupiers paid £297,000 on average in December – 38.6 per cent more than first-time buyers.
Property types
Owners of terraced houses saw the biggest fall in property prices Eden in December – they dropped 3.8 per cent in price, to £203,930 on average. But over the last year, prices rose by 8.8 per cent.
Among other types of property:
- Detached: down 3.7% monthly; up 8.7% annually; £378,545 average
- Semi-detached: down 3.7% monthly; up 8.8% annually; £247,393 average
- Flats: down 3.2% monthly; up 6.5% annually; £139,030 average
How do property prices in Eden compare?
Buyers paid 18.1 per cent more than the average price in the North West (£221,000) in December for a property in Eden. Across the North West, property prices are higher than those across the UK, where the average cost £294,000.
The most expensive properties in the North West were in Trafford – £384,000 on average, and 1.5 times as much as more than in Eden. Trafford properties cost 3.3 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.
