New figures reveal that Crummock and Derwent Valley was the most expensive area of Allerdale to buy a house in last year.
Data from the Office for National Statistics reveals that of the 23 council wards in Allerdale, Crummock and Derwent Valley saw the highest median house price in 2021, of £412,625.
This was followed by Boltons (£335,000).
By contrast, the cheapest parts of Allerdale to purchase property were St Michael’s ward in Workington, which had a median house price of £86,500, Maryport South (£90,000) and Maryport South (£90,000).
The median – the middle number in a series – is used to ensure the figures are not skewed by extreme highs or lows.
Meanwhile, the number of homes sold in Allerdale rose from 1,357 in 2020 to 1,517 last year.
Of sales last year, eight per cent (118) were in Keswick – making it the busiest area for buyers.
At the other end of the scale, Warnell saw just 14 properties sold in 2021, earning it the title of quietest area of Allerdale’s property market.
The Centre for Economics and Business Research said that following a period of significant growth during the pandemic, it expects house prices to experience downward pressure over the next year, as a result of sharp rises in mortgage rates.
Karl Thompson, an economist at the think tank, said the strongest price contractions are expected outside of London and the South East, causing greater regional price disparities.
The number of residential property sales in England increased by 21 per cent to 821,407 between the end of 2020 and the end of last year.
Grainne Gilmore, head of research at Zoopla, said property values vary widely in large part because of the differing housing stock between areas – some neighbourhoods will have a higher number of five-bedroom detached homes, while others will be home to more flats and smaller properties.
But she said the difference between more and less expensive areas may start to narrow.
She added: “The demand for larger detached homes during the pandemic has pushed average values for houses higher over the last year, while price growth for flats has lagged.
“But there are signs that demand for flats in city centres is gaining momentum, so we could see faster rising prices in this part of the market.”
