House prices increased by 1.1% – more than the average for the North West – in Westmorland and Furness in September, new figures show.
But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 2% annual decline.
The average Westmorland and Furness house price in September was £225,945, Land Registry figures show – a 1.1% increase on August.
Over the month, the picture was different to that across the North West, where prices increased 0.5%, and Westmorland and Furness was above the 0.5% drop for the UK as a whole.
Over the last year, the average sale price of property in Westmorland and Furness fell by £4,700 – putting the area 28th among the North West’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in Ribble Valley, where property prices increased on average by 7.3%, to £284,000. At the other end of the scale, properties in Burnley lost 10.9% of their value, giving an average price of £105,000.
First steps on the property ladder
First-time buyers in Westmorland and Furness spent an average of £187,800 on their property – £4,500 less than a year ago, but £38,700 more than in September 2018.
By comparison, former owner-occupiers paid £257,000 on average in September – 36.8% more than first-time buyers.
Property types
Owners of detached houses saw the biggest rise in property prices in Westmorland and Furness in September – they increased 1.3%, to £380,786 on average. Over the last year, prices dropped by 0.6%.
Among other types of property:
Semi-detached: up 1.2% monthly; down 1.8% annually; £241,638 average
Terraced: up 1% monthly; down 3% annually; £179,519 average
Flats: up 0.6% monthly; down 2.6% annually; £133,108 average
How do property prices in Westmorland and Furness compare?
Buyers paid 3.6% more than the average price in the North West (£218,000) in September for a property in Westmorland and Furness. Across the North West, property prices are low compared to those across the UK, where the average cost is £291,000.
The most expensive properties in the North West were in Trafford – £366,000 on average, and 1.6 times the price as in Westmorland and Furness. Trafford properties cost 3.5 times the price as homes in Burnley (£105,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
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