House prices increased by 2.9 per cent in Cumbria in June, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 15.1 per cent annual growth.
The average Cumbria house price in June was £180,610, Land Registry figures show – a 2.9 per cent increase on May.
Over the month, the picture was less good than that across the North West, where prices increased 6.8 per cent, and Cumbria underperformed compared to the 4.5 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Cumbria rose by £24,000 – putting the area 21st among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in Pendle, where property prices increased on average by 22.8 per cent, to £124,000. At the other end of the scale, properties in Preston gained 7.3 per cent in value, giving an average price of £136,000.
Winners and losers
Owners of flats saw the biggest improvement in property prices in Cumbria in June – they increased 3.2 per cent, to £122,070 on average. Over the last year, prices rose by 13.4 per cent.
Among other types of property
- Detached: up 3.2 per cent monthly; up 17.1 per cent annually; £299,493 average
- Semi-detached: up 2.7 per cent monthly; up 13.8 per cent annually; £179,844 average
- Terraced: up 2.7 per cent monthly; up 15 per cent annually; £141,440 average
First steps on the property ladder
First-time buyers in Cumbria spent an average of £149,000 on their property – £19,000 more than a year ago, and £28,000 more than in June 2016.
By comparison, former owner-occupiers paid £209,000 on average in June – 40.0 per cent more than first-time buyers.
How do property prices in Cumbria compare?
Buyers paid 9.8 per cent less than the average price in the North West (£200,000) in June for a property in Cumbria.
Across the North West, property prices are low compared to those across the UK, where the average cost £266,000.
The most expensive properties in the North West were in Trafford – £322,000 on average, and 1.8 times as much as in Cumbria. Trafford properties cost 3.3 times as much as homes in Burnley (£99,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).
