Mortgage rates have slightly come down over the past months after rising to more than 6 per cent in the aftermath of Liz Truss’ mini budget in 2022 which led to her removal as prime minister.
Easter is traditionally a springboard for activity in the UK property market, but in the western Lake District, H&H Land & Estates Cockermouth branch manager, Anya Caine, says that prevailing economic conditions are still having a cautionary effect on some categories of property.
“With spring here, we are seeing a significant difference in market trends between different kinds of property in the Cockermouth and neighbouring areas.
“On a positive note, second homes and properties suitable for holiday lets remain highly desirable in this area, and there remains a continuing steady stream of potential buyers who continue to relocate to our area for permanent residency.
“Generally, the market remains price sensitive due to the continuing uncertainty surrounding mortgage interest rates.
“Sellers throughout our region are finding it necessary to reassess their initial pricing expectations, leading to numerous price reductions across the county.”
House prices increased slightly, by 0.2 per cent, across the Cumberland council area in January, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 6.3 per cent over the last year.
The average Cumberland house price in January was £175,631, Land Registry figures show – a 0.2 per cent increase on December.
The property market has always been competitive in the lakes and higher end properties are attracting the highest levels of interest according to Anya.
“The properties attracting the strongest interest are typically four-bedroom family houses priced in the mid £300,000 – £400,000 range,” said Anya.
“But second-hand new build properties are encountering difficulties in gaining momentum, primarily because there are so many of them on the market.
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“Previously in our area, unusual and remote properties were finding buyers relatively quickly and easily.
“However, there’s now a heightened sense of caution among buyers regarding factors such as access, boundaries, and wastewater legislation.
“While these properties are attracting interest and viewings, the process from initial marketing to reaching the under-offer stage has become more prolonged.
“As always, it is important for sellers to prepare and present their properties to the very best advantage, and we welcome enquiries from any who would like our help and advice to bring their property successfully to the market.”
