Property prices in Cumbria have risen by 2.5 per cent in the last month and 4.8 per cent when compared with the same period last year.
Figures compiled by property website Rightmove show that in Cumbria average asking prices are now £195,656, a 2.5 per cent rise on February’s figures.
Prices are also 4.8 per cent up on the same period last year as the Government launches its 95 per cent mortgages scheme today.
The scheme will be in place until December 31 2022. It will provide lenders with the option to purchase a government guarantee that compensates them for a portion of their losses in the event that mortgage payments are no longer paid.
It will mean new applicants can apply for a mortgage for up to 95 per cent of the cost of the property, meaning prospective homeowners only have to find a five per cent deposit to secure their home.
Tim Bannister, Rightmove’s director of property data, said: “This is only the second time over the past five years that prices have increased by over two per cent in a month, so it’s a big jump, especially bearing in mind that the lockdown restrictions are still limiting the population’s movements and activities.
“The property market has remained fully open and is fully active to such an extent that frenzied buyer activity has helped to push the average price of property coming to market to an all-time high.
“The stars have aligned for this spring price surge, with buyers’ new space requirements being part of the constellation alongside cheap mortgages, stamp duty holiday extensions in England and Wales, government support for 95 per cent mortgages and a shortage of suitable property to buy.
“There’s also growing optimism due to the vaccination rollout, which is helping drive the momentum for a fresh start in fresh surroundings.”
“It does mean that this spring’s buyers are facing the highest ever property prices, though with properties selling faster in the first two weeks of April than ever previously recorded by Rightmove at an average of just 45 days to be marked by the agent as sold, it seems that those buyers are not deterred.
“Almost one in four (23 per cent) properties that had a sale agreed in March had been on the market for less than a week, which is also the highest rate that we’ve ever recorded. If you’re looking to buy in the current frenetic market then you need to be on your toes and ready to move more quickly than ever before.”