House prices increased by 0.1 per cent in Cumbria in August, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 8.7 per cent annual growth.
The average Cumbria house price in August was £175,105, Land Registry figures show – a 0.1 per cent increase on July.
Over the month, the picture was less good than that across the North West, where prices increased 4.5 per cent, and Cumbria underperformed compared to the 2.9 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Cumbria rose by £14,000 – putting the area 37th among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in Rossendale, where property prices increased on average by 24.6 per cent, to £182,000.
At the other end of the scale, properties in Allerdale gained 3.5 per cent in value, giving an average price of £160,000.
Winners and losers
Owners of semi-detached houses saw the biggest improvement in property prices in Cumbria in August – they increased 0.2 per cent, to £175,900 on average.
Over the last year, prices rose by 8.6 per cent.
Among other types of property:
- Detached: up 0.1 per cent monthly; up 9.7 per cent annually; £287,594 average
- Terraced: up 0.1 per cent monthly; up 8.9 per cent annually; £137,774 average
- Flats: down 0.5 per cent monthly; up 4.7 per cent annually; £116,020 average
First steps on the property ladder
First-time buyers in Cumbria spent an average of £145,000 on their property – £11,000 more than a year ago, and £21,000 more than in August 2016.
By comparison, former owner-occupiers paid £202,000 on average in August – 39.2 per cent more than first-time buyers.
How do property prices in Cumbria compare?
Buyers paid 10.1 per cent less than the average price in the North West (£195,000) in August for a property in Cumbria.
Across the North West, property prices are low compared to those across the UK, where the average cost £264,000.
The most expensive properties in the North West were in Trafford – £339,000 on average, and 1.9 times as much as in Cumbria.
Trafford properties cost 3.2 times as much as homes in Burnley (£107,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
