House prices leapt by 5.6 per cent in Allerdale in January, new figures show.
The significant boost contributes to the longer-term trend, which has seen property prices in the area achieve 2.5 per cent annual growth – though still the lowest in the North West.
The average Allerdale house price in January was £170,438, Land Registry figures show – a 5.6 per cent increase on December.
Over the month, the picture was better than that across the North West, where prices decreased 0.3 per cent, and Allerdale outperformed the 0.4 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Allerdale rose by £4,200 – 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 Tameside, where property prices increased on average by 19.1 per cent, to £200,000.
Winners and losers
Owners of flats saw the biggest improvement in property prices in Allerdale in January – they increased 5.8 per cent, to £102,588 on average. Over the last year, prices dropped by 2.2 per cent.
Among other types of property:
- Detached: up 5.3% monthly; up 4.9% annually; £260,241 average
- Semi-detached: up 5.7% monthly; up 2.6% annually; £166,284 average
- Terraced: up 5.7% monthly; up 0.8% annually; £136,233 average
First steps on the property ladder
First-time buyers in Allerdale spent an average of £146,400 on their property – £2,900 more than a year ago, and £18,600 more than in January 2017.
By comparison, former owner-occupiers paid £191,100 on average in January – 30.6 per cent more than first-time buyers.
How do property prices in Allerdale compare?
Buyers paid 14.7 per cent less than the average price in the North West (£200,000) in January for a property in Allerdale. Across the North West, property prices are lower than those across the UK, where the average cost £274,000.
The most expensive properties in the North West were in Trafford – £347,000 on average, and twice as much as more than in Allerdale. Trafford properties cost 3.1 times as much as homes in Burnley (£110,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
