House prices dropped by 4.3 per cent in Allerdale in August, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 3.5 per cent annual growth – though still the lowest in the North West.
The average Allerdale house price in August was £159,777, Land Registry figures show – a 4.3 per cent decrease on July.
Over the month, the picture was worse than that across the North West, where prices increased 4.5 per cent, and Allerdale 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 Allerdale rose by £5,300 – putting the area bottom 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.
Winners and losers
Owners of flats fared worst in Allerdale in August – they dropped 4.8 per cent in price, to £98,487 on average. Over the last year, prices dropped by 0.4 per cent.
Among other types of property:
- Detached: down 4 per cent monthly; up 4.8 per cent annually; £240,194 average
- Semi-detached: down 4.3 per cent monthly; up 3.4 per cent annually; £156,585 average
- Terraced: down 4.6 per cent monthly; up 2.8 per cent annually; £128,772 average
First steps on the property ladder
First-time buyers in Allerdale spent an average of £138,000 on their property – £4,400 more than a year ago, and £16,100 more than in August 2016.
By comparison, former owner-occupiers paid £178,300 on average in August – 29.2 per cent more than first-time buyers.
How do property prices in Allerdale compare?
Buyers paid 18 per cent less than the average price in the North West (£195,000) in August for a property in Allerdale.
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 2.1 times as much as in Allerdale.
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.
