House prices increased by 2 per cent – more than the average for the North West – in the Cumberland Council area in June, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 5.9 per cent over the last year.
The average Cumberland Council area house price in June was £169,612, Land Registry figures show – a 2 per cent increase on May.
Over the month, the picture was different to that across the North West, where prices increased 0.3 per cent, and the Cumberland Council area was above the 0.5 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Cumberland rose by £9,400 – putting the area sixth among the North West’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in Cheshire East, where property prices increased on average by 10.2 per cent, to £301,000.
At the other end of the scale, properties in Pendle lost 2.9 per cent of their value, giving an average price of £128,000.
First steps on the property ladder
First-time buyers in the Cumberland Council area spent an average of £145,000 on their property – £8,300 more than a year ago, and £30,000 more than in June 2019.
By comparison, former owner-occupiers paid £193,700 on average in June – 33.5 per cent more than first-time buyers.
Property types
Owners of terraced houses saw the biggest rise in property prices in Cumberland in June – they increased 2.2%, to £135,767 on average. Over the last year, prices rose by 5.6 per cent.
Among other types of property:
Detached: up 1.8% monthly; up 5.5% annually; £268,238 average
Semi-detached: up 2.1% monthly; up 7.1% annually; £169,614 average
Flats: up 1.7% monthly; up 3% annually; £99,638 average
How do property prices in the Cumberland Council area compare?
Buyers paid 23.1 per cent less than the average price in the North West (£220,000) in June for a property in the Cumberland Council area. Across the North West, property prices are low compared to those across the UK, where the average cost is £288,000.
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The most expensive properties in the North West were in Trafford – £375,000 on average, and 2.2 times the price as in the Cumberland Council area.
Average property price in June
- Cumberland Council Area: £169,612
- The North West: £220,441
- UK: £287,924
Annual growth to June:
- Cumberland Council Area: +5.9%
- The North West: +3.7%
- UK: +2.7%
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