House prices dropped by three per cent in Allerdale in December, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.1 per cent annual decline – the worst in the North West.
The average Allerdale house price in December was £162,264, Land Registry figures show – a three per cent decrease on November.
Over the month, the picture was worse than that across the North West, where prices increased 0.6 per cent, and Allerdale underperformed compared to the 0.8 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Allerdale fell by £3,500 – 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 Knowsley, where property prices increased on average by 17.1 per cent, to £166,000.
Winners and losers
Owners of flats fared worst in Allerdale in December – they dropped four per cent in price, to £97,472 on average. Over the last year, prices dropped by 6.9 per cent.
Among other types of property
- Detached: down 2.5% monthly; up 0.8% annually; £249,085 average
- Semi-detached: down 3.2% monthly; down 2% annually; £158,266 average
- Terraced: down 3.3% monthly; down 4.2% annually; £129,081 average
First steps on the property ladder
First-time buyers in Allerdale spent an average of £139,300 on their property – £3,700 less than a year ago, but £13,100 more than in December 2016.
By comparison, former owner-occupiers paid £182,000 on average in December – 30.6 per cent more than first-time buyers.
How do property prices in Allerdale compare?
Buyers paid 18.9 per cent less than the average price in the North West (£200,000) in December for a property in Allerdale. Across the North West, property prices are lower than those across the UK, where the average cost £275,000.
The most expensive properties in the North West were in Trafford – £342,000 on average, and 2.1 times as much as more than in Allerdale. Trafford properties cost 3.1 times as much as homes in Burnley (£111,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
