But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.2% annual decline.
The average Westmorland and Furness house price in November was £226,587, Land Registry figures show – a 1.2% increase on October.
Over the month, the picture was different to that across the North West, where prices decreased 0.9%, and Westmorland and Furness was above the 0.8% drop for the UK as a whole.
Over the last year, the average sale price of property in Westmorland and Furness fell by £500 – putting the area 15th among the North West’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in West Lancashire, where property prices increased on average by 9.6%, to £251,000. At the other end of the scale, properties in Burnley lost 11.1% of their value, giving an average price of £104,000.
First steps on the property ladder
First-time buyers in Westmorland and Furness spent an average of £188,400 on their property – £1,100 less than a year ago, but £44,100 more than in November 2018.
By comparison, former owner-occupiers paid £257,600 on average in November – 36.7% more than first-time buyers.
Property types
Owners of flats saw the biggest rise in property prices in Westmorland and Furness in November – they increased 2.1%, to £133,212 on average. Over the last year, prices dropped by 0.8%.
Among other types of property:
- Detached: up 1.5% monthly; up 1% annually; £381,582 average
- Semi-detached: up 1.2% monthly; up 0.5% annually; £243,459 average
- Terraced: up 0.8% monthly; down 1.3% annually; £179,697 average
How do property prices in Westmorland and Furness compare?
Buyers paid 6.2% more than the average price in the North West (£213,000) in November 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 – £366,000 on average, and 1.6 times the price as in Westmorland and Furness. Trafford properties cost 3.5 times the price as homes in Burnley (£104,000 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 November
- Westmorland and Furness: £226,587
- The North West: £213,333
- UK: £284,950
Annual change to November
- Westmorland and Furness: -0.2%
- The North West: -2%
- UK: -2.1%
Highest and lowest annual growth in the North West
- West Lancashire: +9.6%
- Burnley: -11.1%
