House prices increased by 0.8 per cent – more than the average for the North West – in Allerdale in January, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.8 per cent annual growth.
The average Allerdale house price in January was £168,871, Land Registry figures show – a 0.8 per cent increase on December.
Over the month, the picture was similar to that across the North West, where prices increased 0.7 per cent, and Allerdale outperformed the 0.5 per cent drop for the UK as a whole.
Over the last year, the average sale price of property in Allerdale rose by £19,000 – putting the area eighth among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in Liverpool, where property prices increased on average by 23.4 per cent, to £156,000. At the other end of the scale, properties in Wyre gained 3.7 per cent in value, giving an average price of £164,000.
Winners and losers
Owners of semi-detached houses saw the biggest improvement in property prices in Allerdale in January – they increased 1.2 per cent , to £165,351 on average.
Over the last year, prices rose by 12.7per cent.
Among other types of property:
- Detached: up 0.6 per cent monthly; up 13.8 per cent annually; £252,561 average
- Terraced: up 0.7 per cent monthly; up 12.7 per cent annually; £136,660 average
- Flats: down 0.2 per cent monthly; up 7.9 per cent annually; £104,780 average
First steps on the property ladder
First-time buyers in Allerdale spent an average of £146,000 on their property – £16,000 more than a year ago, and £26,000 more than in December 2015.
By comparison, former owner-occupiers paid £189,000 on average in January – 29.8 per cent more than first-time buyers.
How do property prices in Allerdale compare?
Buyers paid 8.3 per cent less than the average price in the North West (£184,000) in January for a property in Allerdale.
Across the North West, property prices are low compared to those across the UK, where the average cost £249,000.
The most expensive properties in the North West were in Trafford – £331,000 on average, and twice as much as in Allerdale.
Trafford properties cost 3.3 times as much as homes in Burnley (£100,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average January sale price of £1.3 million could buy 14 properties in Blaenau Gwent (average £93,000).
