House prices increased by 1.5% – more than the average for the North West – in Westmorland and Furness in May, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.1% over the last year.
The average Westmorland and Furness house price in May was £225,887. Land Registry figures show a 1.5% increase on April.
Over the month, the picture was different to that across the North West, where prices increased 0.9%, and Westmorland and Furness was above the 1.2% rise for the UK as a whole.
Over the last year, the average sale price of property in Westmorland and Furness rose by £6,700 – putting the area 18th 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 10.9%, to £301,000. At the other end of the scale, properties in Burnley lost 4.2% of their value, giving an average price of £106,000.
First steps on the property ladder
First-time buyers in Westmorland and Furness spent an average of £184,200 on their property – £5,600 more than a year ago, and £34,900 more than in May 2019.
By comparison, former owner-occupiers paid £259,800 on average in May – 41.1% more than first-time buyers.
Property types
Owners of detached houses saw the biggest rise in property prices in Westmorland and Furness in May – they increased 1.9%, to £382,874 on average. Over the last year, prices rose by 3%.
Among other types of property:
Semi-detached: up 1.5% monthly; up 4% annually; £239,786 average
Terraced: up 1.3% monthly; up 3.2% annually; £174,070 average
Flats: up 1.4% monthly; up 0.6% annually; £151,202 average
How do property prices in Westmorland and Furness compare?
Buyers paid 3.8% more than the average price in the North West (£218,000) in May for a property in Westmorland and Furness. Across the North West, property prices are low compared to those across the UK, where the average cost is £285,000.
The most expensive properties in the North West were in Trafford – £373,000 on average, and 1.7 times the price as in Westmorland and Furness. Trafford properties cost 3.5 times the price as homes in Burnley (£106,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in May
Westmorland and Furness: £225,887
The North West: £217,525
UK: £285,201
Annual growth to May
Westmorland and Furness: +3.1%
The North West: +2.9%
UK: +2.2%
Highest and lowest annual growth in the North West
Cheshire East: +10.9%
Burnley: -4.2%
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