House prices increased by 0.7 per cent – more than the average for the North West – in Allerdale in November, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 15.6 per cent over the last year – the highest in the North West.
The average Allerdale house price in November was £193,576, Land Registry figures show – a 0.7 per cent increase on October.
Over the month, the picture was similar to that across the North West, where prices increased 0.4 per cent, and Allerdale was above the 0.3 per cent drop for the UK as a whole.
Over the last year, the average sale price of property in Allerdale rose by £26,000 – putting the area top among the North West’s 39 local authorities with price data for annual growth.
At the other end of the scale, properties in West Lancashire gained 9.1 per cent in value, giving an average price of £225,000.
The average UK house price edged down to £295,000 in November 2022, from the previous month’s record high of £296,000.
Property prices increased by 10.3 per cent in the year to November, slowing from 12.4 per cent in October.
Nathan Emerson, CEO of Propertymark, which represents estate agents, said: “In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months.”
And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”
First steps on the property ladder
First-time buyers in Allerdale spent an average of £167,000 on their property – £23,000 more than a year ago, and £39,000 more than in November 2017.
By comparison, former owner-occupiers paid £216,000 on average in November – 29.4 per cent more than first-time buyers.
Property types
Owners of semi-detached houses saw the biggest rise in property prices in Allerdale in November – they increased 0.8 per cent, to £189,792 on average. Over the last year, prices rose by 16 per cent.
Among other types of property:
- Detached: up 0.6% monthly; up 15.6% annually; £293,136 average
- Terraced: up 0.8% monthly; up 15.7% annually; £155,843 average
- Flats: up 0.7% monthly; up 11.7% annually; £113,727 average
How do property prices in Allerdale compare?
Buyers paid 12.5 per cent less than the average price in the North West (£221,000) in November for a property in Allerdale. Across the North West, property prices are lower than those across the UK, where the average cost £295,000.
The most expensive properties in the North West were in Trafford – £376,000 on average, and 1.9 times as much as more than in Allerdale. Trafford properties cost 3.2 times as much as homes in Burnley (£118,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
