House prices dropped by 2.1 per cent in Allerdale in November, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 1.5 per cent annual growth – though still the lowest in the North West.
The average Allerdale house price in November was £164,559, Land Registry figures show – a 2.1 per cent decrease on October.
Over the month, the picture was worse than that across the North West, where prices increased 2.3 per cent, and Allerdale underperformed compared to the 1.2 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Allerdale rose by £2,400 – putting the area bottom among the North West’s 39 local authorities with price data for annual growth.
The best annual growth in the region was in Wyre, where property prices increased on average by 21.1 per cent, to £192,000.
Winners and losers
Owners of terraced houses fared worst in Allerdale in November – they dropped 2.3 per cent in price, to £131,206 on average. Over the last year, prices dropped by 0.3 per cent.
Among other types of property:
Detached: down 1.8% monthly; up 3.7% annually; £250,930 average
Semi-detached: down 2.1% monthly; up 1.8% annually; £161,075 average
Flats: down 2.3% monthly; down 2.7% annually; £99,692 average
First steps on the property ladder
First-time buyers in Allerdale spent an average of £141,500 on their property – £1,600 more than a year ago, and £14,000 more than in November 2016.
By comparison, former owner-occupiers paid £184,400 on average in November – 30.3 per cent more than first-time buyers.
How do property prices in Allerdale compare?
Buyers paid 16.8 per cent less than the average price in the North West (£198,000) in November for a property in Allerdale. Across the North West, property prices are lower than those across the UK, where the average cost £271,000.
The most expensive properties in the North West were in Trafford – £346,000 on average, and 2.1 times as much as more than in Allerdale.
Trafford properties cost 3.2 times as much as homes in Burnley (£108,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
