House prices leapt by five per cent in Allerdale in February, new figures show.
The significant boost contributes to the longer-term trend, which has seen property prices in the area achieve 8.4 per cent annual growth.
The average Allerdale house price in February was £182,516, Land Registry figures show – a five per cent increase on January.
Over the month, the picture was better than that across the North West, where prices increased 1.6 per cent, and Allerdale outperformed the 0.5 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Allerdale rose by £14,000 – putting the area 27th among the North West’s 39 local authorities with price data for annual growth.
The best annual growth in the region was in Hyndburn, where property prices increased on average by 19.2 per cent, to £124,000. At the other end of the scale, properties in Fylde gained just 3.7 per cent in value, giving an average price of £218,000.
Winners and losers
Owners of detached houses saw the biggest improvement in property prices in Allerdale in February – they increased 5.3 per cent, to £278,880 on average. Over the last year, prices rose by 10.8 per cent.
Among other types of property:
- Semi-detached: up 5% monthly; up 8.5% annually; £178,046 average
- Terraced: up 4.8% monthly; up 6.8% annually; £145,870 average
- Flats: up 5.2% monthly; up 4.1% annually; £109,938 average
First steps on the property ladder
First-time buyers in Allerdale spent an average of £157,000 on their property – £12,000 more than a year ago, and £29,000 more than in February 2017.
By comparison, former owner-occupiers paid £204,000 on average in February – 30.2 per cent more than first-time buyers.
How do property prices in Allerdale compare?
Buyers paid 10.3 per cent less than the average price in the North West (£204,000) in February for a property in Allerdale. Across the North West, property prices are lower than those across the UK, where the average cost £277,000.
The most expensive properties in the North West were in Trafford – £351,000 on average, and 1.9 times as much as more than in Allerdale. Trafford properties cost 3.1 times as much as homes in Burnley (£112,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
