House prices increased by 0.2 per cent in Cumbria in February, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10 per cent annual growth.
The average Cumbria house price in February was £171,282, Land Registry figures show – a 0.2 per cent increase on January.
Over the month, the picture was less good than that across the North West, where prices increased 1.3 per cent, and Cumbria outperformed the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in Cumbria rose by £16,000 – putting the area 24th among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in Wirral, where property prices increased on average by 22.3 per cent, to £193,000. At the other end of the scale, properties in Hyndburn lost 6.9 per cent of their value, giving an average price of £92,000.
Winners and losers
Owners of flats saw the biggest improvement in property prices in Cumbria in February – they increased 1.6 per cent, to £117,659 on average.
Over the last year, prices rose by 8.2 per cent.
Among other types of property:
- Detached: up 0.1 per cent monthly; up 11.1 per cent annually; £281,582 average
- Semi-detached: remained level over the month; up 9.7 per cent annually; £171,259 average
- Terraced: up 0.1 per cent monthly; up 9.7 per cent annually; £134,079 average
First steps on the property ladder
First-time buyers in Cumbria spent an average of £142,000 on their property – £12,000 more than a year ago, and £19,000 more than in January 2016.
By comparison, former owner-occupiers paid £198,000 on average in February – 40.0 per cent more than first-time buyers.
How do property prices in Cumbria compare?
Buyers paid 7.1 per cent less than the average price in the North West (£184,000) in February for a property in Cumbria.
Across the North West, property prices are low compared to those across the UK, where the average cost £250,000.
The most expensive properties in the North West were in Trafford – £328,000 on average, and 1.9 times as much as in Cumbria.
Trafford properties cost 3.6 times as much as homes in Hyndburn (£92,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average February sale price of £1.2 million could buy 13 properties in Hyndburn (average £92,000).
