House prices dropped by 2.5 per cent in Eden in January, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 10 percent annual growth.
The average Eden house price in January was £212,977, Land Registry figures show – a 2.5 per cent decrease on December.
Over the month, the picture was worse than that across the North West, where prices increased 0.7 per cent, and Eden underperformed compared to the 0.5 per cent drop for the UK as a whole.
Over the last year, the average sale price of property in Eden rose by £19,000 – putting the area 20th 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 flats fared worst in Eden in January – they dropped 3.2 per cent in price, to £119,071 on average. But over the last year, prices rose by 4.6 per cent.
Among other types of property:
- Detached: down 2.6 per cent monthly; up 10.7 per cent annually; £303,697 average
- Semi-detached: down 2.1 per cent monthly; up 10.1 per cent annually; £201,618 average
- Terraced: down 2.4 per cent monthly; up 10.2 per cent annually; £167,601 average
First steps on the property ladder
First-time buyers in Eden spent an average of £175,000 on their property – £15,000 more than a year ago, and £17,000 more than in December 2015.
By comparison, former owner-occupiers paid £242,000 on average in January – 38.5 per cent more than first-time buyers.
How do property prices in Eden compare?
Buyers paid 15.6 per cent more than the average price in the North West (£184,000) in January for a property in Eden.
Across the North West, property prices are lower than 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 1.6 times as much as in Eden. 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).