House prices dropped by 2.8 per cent in Allerdale in October, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 0.2 per cent annual growth.
The average Allerdale house price in October was £156,448, Land Registry figures show – a 2.8 per cent decrease on September.
Over the month, the picture was worse than that across the North West, where prices increased 1.2 per cent, and Allerdale underperformed compared to the 0.7 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Allerdale rose by £350 – putting the area 39th among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in Fylde, where property prices increased on average by 10.3 per cent, to £210,000.
At the other end of the scale, properties in Copeland lost 4.8 per cent of their value, giving an average price of £120,000.
Winners and losers
Owners of flats fared worst in Allerdale in October – they dropped 3.6 per cent in price, to £97,886 on average.
Over the last year, prices dropped by 3.5 per cent.
Detached: down 2.4 per cent monthly; up 0.9 per cent annually; £234,086 average
Semi-detached: down three per cent monthly; up 0.4 per cent annually; £153,041 average
Terraced: down 2.9 per cent monthly; down 0.2 per cent annually; £126,500 average
First steps on the property ladder
First-time buyers in Allerdale spent an average of £134,820 on their property – £270 less than a year ago, and £13,890 more than in September 2015.
By comparison, former owner-occupiers paid £174,950 on average in October – 29.8 per cent more than first-time buyers.
How do property prices in Allerdale compare?
Buyers paid 12 per cent less than the average price in the North West (£178,000) in October for a property in Allerdale.
Across the North West, property prices are low compared to those across the UK, where the average cost £245,000.
The most expensive properties in the North West were in Trafford – £309,000 on average, and twice as much as in Allerdale.
Trafford properties cost 3.3 times as much as homes in Burnley (£93,000 average), at the other end of the scale. The highest property prices across the UK were in Kensington and Chelsea, where the average October sale price of £1.3 million could buy 14 properties in Burnley.
