House prices increased slightly, by 0.8 per cent, in Cumbria in March, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.5 per cent annual growth.
The average Cumbria house price in March was £174,199, Land Registry figures show – a 0.8 per cent increase on February.
Over the month, the picture was similar to that across the North West, where prices increased 1.2 per cent, and Cumbria underperformed compared to the 1.8 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Cumbria rose by £18,000 – putting the area 22nd among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in West Lancashire, where property prices increased on average by 20.5per cent, to £221,000.
At the other end of the scale, properties in South Ribble gained 4.3 per cent in value, giving an average price of £180,000.
Winners and losers
Owners of terraced houses saw the biggest improvement in property prices in Cumbria in March – they increased 1.2 per cent, to £136,803 on average. Over the last year, prices rose by 12 per cent.
Among other types of property:
- Detached: up 0.6 per cent monthly; up 12.4 per cent annually; £286,639 average
- Semi-detached: up 0.6 per cent monthly; up 11.2 per cent annually; £174,105 average
- Flats: up 0.4 per cent monthly; up 7.3 per cent annually; £117,803 average
First steps on the property ladder
First-time buyers in Cumbria spent an average of £144,000 on their property – £14,000 more than a year ago, and £22,000 more than in March 2016.
By comparison, former owner-occupiers paid £202,000 on average in March – 40.0 per cent more than first-time buyers.
How do property prices in Cumbria compare?
Buyers paid 7.3 per cent less than the average price in the North West (£188,000) in March for a property in Cumbria.
Across the North West, property prices are low compared to those across the UK, where the average cost £256,000.
The most expensive properties in the North West were in Trafford – £333,000 on average, and 1.9 times as much as in Cumbria.
Trafford properties cost 3.6 times as much as homes in Burnley (£94,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average March sale price of £1.3 million could buy 14 properties in Burnley (average £94,000).
