House prices increased by 3.7 per cent – more than the average for the North West – in Eden in December, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 15.5 per cent annual growth – the highest in the North West.
The average Eden house price in December was £226,022, Land Registry figures show – a 3.7 per cent increase on November.
Over the month, the picture was better than that across the North West, where prices increased 2.5 per cent, and Eden outperformed the 1.2 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Eden rose by £30,000 – putting the area top among the North West’s 43 local authorities for annual growth.
At the other end of the scale, properties in Lancaster gained 4.2 per cent in value, giving an average price of £167,000.
Winners and losers
Owners of flats saw the biggest improvement in property prices in Eden in December – they increased 4.2 per cent, to £127,694 on average.
Over the last year, prices rose by 10.6 per cent.
Among other types of property:
Detached: up 3.6 per cent monthly; up 16.4% annually; £322,393 average
Semi-detached: up 3.5 per cent monthly; up 15.1 per cent annually; £213,201 average
Terraced: up 4 per cent monthly; up 15.8 per cent annually; £177,917 average
First steps on the property ladder
First-time buyers in Eden spent an average of £185,000 on their property – £24,000 more than a year ago, and £27,000 more than in November 2015.
By comparison, former owner-occupiers paid £256,000 on average in December – 38.4 per cent more than first-time buyers.
How do property prices in Eden compare?
Buyers paid 23 per cent more than the average price in the North West (£184,000) in December for a property in Eden.
Across the North West, property prices are lower than those across the UK, where the average cost £252,000.
The most expensive properties in the North West were in Trafford – £329,000 on average, and 1.5 times as much as in Eden.
Trafford properties cost 3.4 times as much as homes in Burnley (£98,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average December sale price of £1.3 million could buy 13 properties in Burnley (average £98,000).
Factfile
Average property price in December
- Eden: £226,022
- The North West: £183,727
- UK: £251,500
Annual growth to December
- Eden: +15.5%
- The North West: +11.2%
- UK: +8.5%
Best and worst annual growth in the North West
- Eden: +15.5%
- Lancaster: +4.2%
