House prices dropped by two per cent in Allerdale in September, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 12.5 per cent over the last year.
The average Allerdale house price in September was £184,534, Land Registry figures show – a two per cent decrease on August.
Over the month, the picture was different to that across the North West, where prices increased 0.6 per cent, and Allerdale was lower than the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in Allerdale rose by £21,000 – putting the area 22nd among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in Warrington, where property prices increased on average by 20.4 per cent, to £266,000. At the other end of the scale, properties in Barrow gained 3.6 per cent in value, giving an average price of £145,000.
An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.
But typical property values stalled across the UK between August and September, which caused annual growth to slow.
Andy Sommerville, director at property data provider Search Acumen said the latest data was further evidence of a turning tide for house prices.
The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.
Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes.
“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts.
First steps on the property ladder
First-time buyers in Allerdale spent an average of £159,000 on their property – £18,000 more than a year ago, and £28,000 more than in September 2017.
By comparison, former owner-occupiers paid £206,000 on average in September – 29.5 per cent more than first-time buyers.
Property types
Owners of flats saw the biggest fall in property prices Allerdale in September – they dropped 2.8 per cent in price, to £108,602 on average. But over the last year, prices rose by eight per cent.
Among other types of property:
- Detached: down 1.8% monthly; up 13.6% annually; £279,166 average
- Semi-detached: down 2% monthly; up 12.7% annually; £180,920 average
- Terraced: down 2.1% monthly; up 11.9% annually; £148,625 average
How do property prices in Allerdale compare?
Buyers paid 15.7 per cent less than the average price in the North West (£219,000) in September for a property in Allerdale. Across the North West, property prices are lower than those across the UK, where the average cost £295,000.
The most expensive properties in the North West were in Trafford – £373,000 on average, and twice as much as more than in Allerdale. Trafford properties cost 3.2 times as much as homes in Burnley (£117,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
