House prices increased by 2.9 per cent – more than the average for the North West – in South Lakeland in April, new figures show.
The average South Lakeland house price in April was £292,574, Land Registry figures show – a 2.9 per cent increase on March.
Over the month, the picture was different to that across the North West, where prices increased by 2 per cent , and South Lakeland was above the 1.1 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in South Lakeland rose by £22,000 – putting the area 33rd among the North West’s 39 local authorities with price data for annual growth.
First steps on the property ladder
First-time buyers in South Lakeland spent an average of £243,000 on their property – £17,000 more than a year ago, and £54,000 more than in April 2017.
By comparison, former owner-occupiers paid £324,000 on average in April – 33.5 per cent more than first-time buyers.
Property types
Owners of detached houses saw the biggest rise in property prices in South Lakeland in April – they increased 3 per cent, to £458,465 on average. Over the last year, prices rose by 10.7 per cent.
Among other types of property:
Semi-detached: up 2.8 per cent monthly; up 9.1 per cent annually; £299,729 average
Terraced: up 2.9 per cent monthly; up 7.1 per cent annually; £244,730 average
Flats: up 2.5 per cent monthly; up 4 per cent annually; £170,213 average
How do property prices in South Lakeland compare?
Buyers paid 40.1 per cent more than the average price in the North West (£209,000) in April for a property in South Lakeland. Across the North West, property prices are high compared to those across the UK, where the average cost £281,000.
The most expensive properties in the North West were in Trafford – £347,000 on average, and 1.2 times as much as more than in South Lakeland. Trafford properties cost 2.9 times as much as homes in Burnley (£119,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in April
South Lakeland: £292,574
The North West: £208,867
UK: £281,161
Annual growth to April
South Lakeland: +8.2 per cent
The North West: +13.3 per cent
UK: +12.4 per cent
Highest and lowest annual growth in the North West
Burnley: +18.6 per cent
Pendle: +2.7 per cent
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