House prices increased slightly, by 0.6 per cent, in Allerdale in June, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.1 per cent over the last year – though still the lowest in the UK.
The average Allerdale house price in June was £174,593, Land Registry figures show – a 0.6 per cent increase on May.
Over the month, the picture was different to that across the North West, where prices increased 2.1 per cent, and Allerdale was lower than the one per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Allerdale rose by £1,900 – putting the area bottom of the UK’s local authorities for annual growth.
The highest annual growth in the region was in St Helens, where property prices increased on average by 19.5 per cent, to £184,000.
An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
But activity is starting to slow, with soaring inflation putting household budgets under pressure.
First steps on the property ladder
First-time buyers in Allerdale spent an average of £150,900 on their property – £1,600 more than a year ago, and £27,400 more than in June 2017.
By comparison, former owner-occupiers paid £194,800 on average in June – 29.1 per cent more than first-time buyers.
Property types
Owners of terraced houses saw the biggest rise in property prices in Allerdale in June – they increased 1.2 per cent, to £140,949 on average. Over the last year, prices rose by 0.5 per cent.
Among other types of property:
- Detached: down 0.2% monthly; up 1.8% annually; £263,101 average
- Semi-detached: up 0.7% monthly; up 1.6% annually; £171,018 average
- Flats: up 0.8% monthly; down 2.8% annually; £104,209 average
How do property prices in Allerdale compare?
Buyers paid 17.8 per cent less than the average price in the North West (£212,000) in June for a property in Allerdale. Across the North West, property prices are lower than those across the UK, where the average cost £286,000.
The most expensive properties in the North West were in Trafford – £362,000 on average, and 2.1 times as much as more than in Allerdale. Trafford properties cost three times as much as homes in Burnley (£120,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
