The revival in Cumbrian house prices is gathering momentum, the latest official figures show.

But estate agents are warning of an autumn slowdown as buyers and sellers hold off to see what impact Brexit has on the property market.

The Land Registry says Cumbrian house prices rose by 4.02 per cent in the year to July, making the average home worth £148,740.

Barrow saw the sharpest increase, 7.5 per cent, followed by Carlisle (6.3 per cent), Copeland (4.4 per cent), Eden (3.5 per cent), Allerdale (2.2 per cent) and South Lakeland (0.8 per cent).

Adrian Tod, of Carlisle estate agent Hayward Tod Associates, said: “There has been a firming up of asking prices, which has led to slightly higher selling prices, but in general terms prices are fairly flat.

“What we have found in the third quarter is that the market has remained quite strong despite the EU referendum result. It hasn’t unsettled the market.”

The official figures show an average of 662 sales in Cumbria each month between March and May, down from 705 per month in the same period last year.


Adrian Tod But Mr Tod says that, while sales in the pipeline were not affected by the referendum, there are signs Brexit uncertainty is starting to bite.

He added: “There has been a noticeable slowdown in the number of enquiries and the number of new instructions coming to the market. People are waiting to see how the EU issue will be dealt with.”

He said that first and second-time buyer homes were selling well but, at the top of the market, demand for properties priced above £500,000 was sluggish.

House prices are a good barometer of consumer confidence. A strong housing market tends to boost the wider economy because people are more likely to spend on home improvements and furnishings when they move.

House prices in England rose by 8.3 per cent in the year to July to an average of £216,750. London saw the sharpest increase, 12.3 per cent, taking the average price of a home in the capital to £484,716.

Inflation held steady in August. The Consumer Prices Index was unchanged at 0.6 per cent.