House prices dropped by 2.8 per cent in Allerdale in March, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve seven per cent annual growth.
The average Allerdale house price in March was £163,403, Land Registry figures show – a 2.8 per cent decrease on February.
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 1.8% rise for the UK as a whole.
Over the last year, the average sale price of property in Allerdale rose by £11,000 – putting the area 39th among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in West Lancashire, where property prices increased on average by 20.5 per cent , to £221,000.
At the other end of the scale, properties in South Ribble gained 4.3 per cent in value, giving an average price of £180,000.
Winners and losers
Owners of flats fared worst in Allerdale in March – they dropped 3.1 per cent in price, to £101,563 on average. But over the last year, prices rose by three per cent.
Among other types of property:
- Detached: down 2.7 per cent monthly; up 7.8 per cent annually; £244,838 average
- Semi-detached: down 2.9 per cent monthly; up 6.7 per cent annually; £159,479 average
- Terraced: down 2.7 per cent monthly; up 7 per cent annually; £132,350 average
First steps on the property ladder
First-time buyers in Allerdale spent an average of £140,900 on their property – £8,700 more than a year ago, and £14,100 more than in March 2016.
By comparison, former owner-occupiers paid £182,700 on average in March – 29.7 per cent more than first-time buyers.
How do property prices in Allerdale compare?
Buyers paid 13 per cent less than the average price in the North West (£188,000) in March for a property in Allerdale. Across the North West, property prices are low compared to those across the UK, where the average cost £256,000.
The most expensive properties in the North West were in Trafford – £333,000 on average, and twice as much as in Allerdale. Trafford properties cost 3.6 times as much as homes in Burnley (£94,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average March sale price of £1.3 million could buy 14 properties in Burnley (average £94,000).
