House prices leapt by six per cent in Allerdale, latest figures show.
The significant rise contributes to the longer-term trend, which has seen property prices in the area grow by 16.9 per cent over the last year.
The average Allerdale house price in October was £194,828, Land Registry figures show – a six per cent increase on September.
Over the month, the picture was different to that across the North West, where prices increased 0.5 per cent, and Allerdale was above the 0.3 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Allerdale rose by £28,000 – putting the area second among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in Warrington, where property prices increased on average by 17.6 per cent, to £267,000. At the other end of the scale, properties in Rossendale gained 4.6 per cent in value, giving an average price of £189,000.
Average UK house prices increased by 12.6 per cent in the year to October, accelerating from 9.9 per cent in September.
The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.
The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.
Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.
“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates.”
First steps on the property ladder
First-time buyers in Allerdale spent an average of £168,000 on their property – £25,000 more than a year ago, and £37,000 more than in October 2017.
By comparison, former owner-occupiers paid £218,000 on average in October – 29.5 per cent more than first-time buyers.
Property types
Owners of detached houses saw the biggest rise in property prices in Allerdale in October – they increased 6.1 per cent, to £295,040 on average. Over the last year, prices rose by 17.2 per cent.
Among other types of property:
- Semi-detached: up 6% monthly; up 17.3% annually; £190,960 average
- Terraced: up 5.8% monthly; up 16.7% annually; £156,801 average
- Flats: up 5.8% monthly; up 13.2% annually; £114,867 average
How do property prices in Allerdale compare?
Buyers paid 11.6 per cent less than the average price in the North West (£220,000) in October for a property in Allerdale. Across the North West, property prices are lower than those across the UK, where the average cost £296,000.
The most expensive properties in the North West were in Trafford – £374,000 on average, and 1.9 times as much as more than in Allerdale. Trafford properties cost 3.1 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.
