Property prices in Eden have soared by 22 per cent annually, latest figures show.
The average Eden house price in May was £230,345, Land Registry figures show – however, this was a 2.2 per cent decrease on April.
Over the month, the picture was worse than that across the North West, where prices increased 1.4 per cent, and Eden underperformed compared to the 0.9 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Eden rose by £42,000 – putting the area second among the North West’s 43 local authorities for annual growth.
The best annual growth in the region was in Copeland, where property prices increased on average by 22.7 per cent, to £149,000. At the other end of the scale, properties in Carlisle gained 2.4 per cent in value, giving an average price of £140,000.
Winners and losers
Owners of detached houses fared worst in Eden in May – they dropped 2.4 per cent in price, to £329,084 on average. But over the last year, prices rose by 22.6 per cent.
Among other types of property:
- Semi-detached: down 2.2 per cent monthly; up 21.7 per cent annually; £217,376 average
- Terraced: down 2.1 per cent monthly; up 22.6 per cent annually; £181,272 average
- Flats: down 2 per cent monthly; up 18.5 per cent annually; £129,293 average
First steps on the property ladder
First-time buyers in Eden spent an average of £189,000 on their property – £34,000 more than a year ago, and £35,000 more than in May 2016.
By comparison, former owner-occupiers paid £261,000 on average in May – 37.7 per cent more than first-time buyers.
How do property prices in Eden compare?
Buyers paid 21.7 per cent more than the average price in the North West (£189,000) in May for a property in Eden.
Across the North West, property prices are lower than those across the UK, where the average cost £255,000.
The most expensive properties in the North West were in Trafford – £318,000 on average, and 1.4 times as much as in Eden. Trafford properties cost 3.2 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 May sale price of £1.2 million could buy 12 properties in Burnley (average £100,000).
Credit: Source link
