Westmorland and Furness house prices increased in August

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.2% over the last year.

The average Westmorland and Furness house price in August was £223,937. Land Registry figures show a 1.5% increase in July.

Over the month, the picture was different to that across the North West, where prices increased 2.4%.

Over the last year, the average sale price of property in Westmorland and Furness rose by £9,000 – 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 Fylde, where property prices increased on average by 9.2%, to £249,000. At the other end of the scale, properties in Hyndburn lost 1.6% of their value, giving an average price of £127,000.

First steps on the property ladder

First-time buyers in Westmorland and Furness spent an average of £183,500 on their property – £8,300 more than a year ago, and £31,800 more than in August 2019.

By comparison, former owner-occupiers paid £256,400 on average in August – 39.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Westmorland and Furness in August – they increased 1.9%, to £174,066 on average. Over the last year, prices rose by 4.6%.

Among other types of property:

Detached: up 0.9% monthly; up 3.5% annually; £375,712 average

Semi-detached: up 1.4% monthly; up 5% annually; £236,755 average

Flats: up 1.8% monthly; up 2.9% annually; £150,073 average

How do property prices in Westmorland and Furness compare?

Buyers paid 0.6% less than the average price in the North West (£225,000) in August 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 £293,000.

The most expensive properties in the North West were in Trafford – £380,000 on average, and 1.7 times the price as in Westmorland and Furness. Trafford properties cost 3.4 times the price as homes in Burnley (£113,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.