Lancaster house prices rise by 1.8% and buck the national trend.
House prices in Lancaster bucked the national trend in September by continuing to rise.
New figures show they increased by 1.8% – more than the North West average for September,.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 13% over the last year.
The average Lancaster house price in September was £198,963, Land Registry figures show – a 1.8% increase on August.
Over the month, the picture was different to that across the North West, where prices increased 0.6%, and Lancaster was above the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in Lancaster rose by £23,000 – putting the area 20th among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in Warrington, where property prices increased on average by 20.4%, to £266,000. At the other end of the scale, properties in Barrow gained 3.6% in value, giving an average price of £145,000.
An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.
But typical property values stalled across the UK between August and September, which caused annual growth to slow.
Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of “a turning tide for house prices”.
The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatility in the mortgage market and saw interest rates on new agreements soar.
Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes.”
First steps on the property ladder.
First-time house buyers in Lancaster spent an average of £175,000 on their property – £20,000 more than a year ago, and £44,000 more than in September 2017.
By comparison, former owner-occupiers paid £222,000 on average in September – 27.2% more than first-time buyers.
Owners of detached houses saw the biggest rise in property prices in Lancaster in September – they increased 2%, to £343,312 on average. Over the last year, prices rose by 14.5%.
Among other types of property:
Semi-detached: up 1.9% monthly, up 13.5% annually, £211,620 average; Terraced: up 1.9% monthly, up 13.2% annually, £172,880 average flats: up 1% monthly, up 8.6% annually, £114,531 average.
How do property prices in Lancaster compare?
Buyers paid 9.2% less than the average price in the North West (£219,000) in September for a property in Lancaster. Across the North West, property prices are lower than those across the UK, where the average cost £295,000.
The most expensive properties in the North West were in Trafford.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in September.
*Lancaster: £198,963; North West: £219,005; UK: £294,559
*Annual growth to September
*Lancaster: +13%; North West: +9.1%; UK: +9.5%
*Highest and lowest annual growth in the North West
*Warrington: +20.4%; Barrow: +3.6%
First Published November 17, 2022 | Debbie Butler. @ lancasterguardian.co.uk
Kindly Shared by “SME Growth UK”