House prices leapt by 9.5 per cent in Allerdale in October, new figures show.
The significant boost contributes to the longer-term trend, which has seen property prices in the area achieve 14.4 per cent annual growth.
The average Allerdale house price in October was £178,102, Land Registry figures show – a 9.5 per cent increase on September.
Over the month, the picture was better than that across the North West, where prices decreased 4.8 per cent, and Allerdale outperformed the 1.1 per cent drop for the UK as a whole.
Over the last year, the average sale price of property in Allerdale rose by £22,000 – putting the area 16th 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 23.2 per cent, to £123,000. At the other end of the scale, properties in Fylde gained just seven per cent in value, giving an average price of £216,000.
Winners and losers
Owners of detached houses saw the biggest improvement in property prices in Allerdale in October – they increased 10.6 per cent, to £271,179 on average.
Over the last year, prices rose by 16.8 per cent.
Among other types of property:
- Semi-detached: up 9% monthly; up 14.1% annually; £173,689 average
- Terraced: up 8.9% monthly; up 13% annually; £142,597 average
- Flats: up 9% monthly; up 10% annually; £108,100 average
First steps on the property ladder
First-time buyers in Allerdale spent an average of £153,000 on their property – £19,000 more than a year ago, and £26,000 more than in October 2016.
By comparison, former owner-occupiers paid £200,000 on average in October – 30.5 per cent more than first-time buyers.
How do property prices in Allerdale compare?
Buyers paid 8.8 per cent less than the average price in the North West (£195,000) in October for a property in Allerdale.
Across the North West, property prices are lower than those across the UK, where the average cost £268,000.
The most expensive properties in the North West were in Trafford – £334,000 on average, and 1.9 times as much as more than in Allerdale.
Trafford properties cost three 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.
