House prices leapt by 8.5 per cent in Eden in October, new figures show.
The significant boost contributes to the longer-term trend, which has seen property prices in the area achieve 18.3 per cent annual growth.
The average Eden house price in October was £251,289, Land Registry figures show – an 8.5 per cent increase on September.
Over the month, the picture was better than that across the North West, where prices decreased 4.8 per cent, and Eden outperformed the 1.1 per cent drop for the UK as a whole.
Over the last year, the average sale price of property in Eden rose by £39,000 – putting the area sixth among the North West’s 39 local authorities with price data for annual growth.
The best annual growth in the region was in Hyndburn, where property prices increased on average by 23.2 per cent, to £123,000.
At the other end of the scale, properties in Fylde gained just seven per cent in value, giving an average price of £216,000.
Winners and losers
Owners of detached houses saw the biggest improvement in property prices in Eden in October – they increased 9.7 per cent, to £364,484 on average.
Over the last year, prices rose by 20.6 per cent.
Among other types of property:
- Semi-detached: up 8.1% monthly; up 18.4% annually; £237,730 average
- Terraced: up 7.7% monthly; up 16.4% annually; £194,832 average
- Flats: up 6.6% monthly; up 13.5% annually; £137,095 average
First steps on the property ladder
First-time buyers in Eden spent an average of £205,000 on their property – £31,000 more than a year ago, and £51,000 more than in October 2016.
By comparison, former owner-occupiers paid £286,000 on average in October – 39.4 per cent more than first-time buyers.
How do property prices in Eden compare?
Buyers paid 28.7 per cent more than the average price in the North West (£195,000) in October for a property in Eden.
Across the North West, property prices are high compared to those across the UK, where the average cost £268,000.
The most expensive properties in the North West were in Trafford – £334,000 on average, and 1.3 times as much as more than in Eden.
Trafford properties cost three times as much as homes in Burnley (£112,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
