House prices dropped by 0.9 per cent – more than the average for the North West – in Eden in May, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 13.7 per cent over the last year.
The average Eden house price in May was £255,754, Land Registry figures show – a 0.9 per cent decrease on April.
Over the month, the picture was different to that across the North West, where prices decreased 0.2 per cent, and Eden was lower than 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 £31,000 – putting the area eighth among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in Knowsley, where property prices increased on average by 20.5 per cent, to £177,000. At the other end of the scale, properties in Allerdale remained level at £169,000.
An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
But activity is starting to slow, with soaring inflation putting household budgets under pressure.
Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said: “The average house price hit another record high in May, and rose faster than any time since the peak in June last year.
“However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August.”
First steps on the property ladder
First-time buyers in Eden spent an average of £209,000 on their property – £24,000 more than a year ago, and £51,000 more than in May 2017.
By comparison, former owner-occupiers paid £291,000 on average in May – 39.3 per cent more than first-time buyers.
Property types
Owners of flats saw the biggest fall in property prices Eden in May – they dropped 1.9 per cent in price, to £136,997 on average. But over the last year, prices rose by 8.7 per cent.
Among other types of property:
- Detached: down 0.9% monthly; up 15.4% annually; £371,166 average
- Semi-detached: down 0.9% monthly; up 13.8% annually; £241,628 average
- Terraced: down 0.8% monthly; up 12.8% annually; £199,507 average
How do property prices in Eden compare?
Buyers paid 24.3 per cent more than the average price in the North West (£206,000) in May for a property in Eden. Across the North West, property prices are high compared to those across the UK, where the average cost £283,000.
The most expensive properties in the North West were in Trafford – £353,000 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 (£112,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
