House prices dropped by 2.8 per cent in Allerdale in September, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.6 per cent annual decline – the worst in the North West.
The average Allerdale house price in September was £152,035, Land Registry figures show – a 2.8 per cent decrease on August.
Over the month, the picture was worse than that across the North West, where prices increased 5.3 per cent, and Allerdale underperformed compared to the 2.5 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Allerdale remained level – putting the area bottom among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in Hyndburn, where property prices increased on average by 28.9 per cent, to £128,000.
Winners and losers
Owners of flats fared worst in Allerdale in September – they dropped 3.3 per cent in price, to £93,206 on average. Over the last year, prices dropped by 7.1 per cent.
Among other types of property:
- Detached: down 2.5% monthly; down 2.9% annually; £227,892 average
- Semi-detached: down 2.7% monthly; down 3.3% annually; £149,331 average
- Terraced: down 2.9% monthly; down 4% annually; £122,783 average
First steps on the property ladder
First-time buyers in Allerdale spent an average of £131,500 on their property – £4,700 less than a year ago, and £6,300 more than in September 2016.
By comparison, former owner-occupiers paid £169,500 on average in September – 28.8 per cent more than first-time buyers.
How do property prices in Allerdale compare?
Buyers paid 25.3 per cent less than the average price in the North West (£204,000) in September for a property in Allerdale.
Across the North West, property prices are low compared to those across the UK, where the average cost £270,000.
The most expensive properties in the North West were in Trafford – £338,000 on average, and 2.2 times as much as in Allerdale.
Trafford properties cost 3.3 times as much as homes in Burnley (£102,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
