By Julian Whittle

Last updated at 13:18, Tuesday, 03 July 2012

House prices in Cumbria fell sharply in May, according to official figures from the Land Registry.

The average price of homes sold was £123,774, down 1.3 per cent from £125,389 in April.

It was the first monthly fall of 2012 and means that prices have fallen by 4.4 per cent in the last year, wiping £5,700 off the value of the typical home.

Cumbria’s housing market peaked in late 2007 and early 2008.

The average home then sold for £143,894, £20,000 more than today.

There is some good news for home owners, however. The number of properties being sold is rising.

An average of 425 a month changed hands in Cumbria between January and March.

That compares with 384 a month in the same period of 2011.

Nick Elgey, managing director of the Cumberland Estate Agency, said: “We are seeing a significant degree of inconsistency in the market.

“April was below expectations but we had a remarkably strong May, our best month since April 2010, then June has seen reduced levels of activity.

“Demand is predominantly local – there are few people moving into the area.

“There is still an issue about first-time buyers getting mortgage funding but there are some great mortgage deals and there is an over-supply of property.

“If you feel confident and secure, it’s an excellent time to buy.”

The Land Registry records all property transactions in England and Wales.

Nationally, prices rose by 0.5 per cent in May.

The average home was worth £161,677, 0.4 per cent more than a year ago.

These national figures disguise a widening gulf between London and the rest of the country.

Prices rose by 7.7 per cent year on year in Greater London but by only 1.6 or 1.7 per cent in other parts of southern England while in the Midlands, the North and Wales prices fell.

The steepest fall, 3.9 per cent, was in the Yorkshire and Humber region. The typical home in London sells for £365,359, more than twice the national average.

First published at 11:28, Tuesday, 03 July 2012
Published by http://www.newsandstar.co.uk