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Wednesday, 22 October 2014

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Carlisle house price rises worst in Britain

Carlisle has been named by Britain’s biggest building society as the area of the country with the worst-performing house prices.

Nationwide says that prices in the city rose by only one per cent in 2013, taking the average price of a home up to £136,128 – £40,000 less than the national figure.

Nationally, average prices rose by 8.4 per cent to £175,826.

Manchester was the best performer in the country, with prices up by an average of 21 per cent to £209,627.

Nick Elgey, managing director of Cumberland Estate Agents, said: “I’ve just come back from a conference in London and the prosperity there is a huge contrast to what we are experiencing here. There are various factors that have an effect on the housing market but growth is rippling out from London.

“International money coming in is causing an uplift in the market in the south but we are not seeing that.

“There are very few people moving into the area.”

Nationwide’s figures are based only on their own mortgage lending.

But the picture that the building society paints is in line with official statistics from the Land Registry, which include all house sales.

These show that average prices in Cumbria fell by 1.8 per cent in the year to November to £122,116 – £23,000 less than at the height of the last property boom in December 2007.

In contrast, prices in London jumped 10.6 per cent to £396,646, more than three times the Cumbrian figure.

Yesterday, Prime Minister David Cameron moved to dismiss fears that the Government is pumping up a housing bubble as he hailed the success of its flagship Help to Buy scheme.

A new phase of the project was launched in October to offer state-backed mortgages to credit-worthy people struggling to get onto the property ladder or move up it because they have only a small deposit saved up.

Nationally, more than 6,000 people have put offers in on homes and applied for mortgages using Help to Buy since it was launched about three months ago. Nearly 750 homeowners have completed their purchases and hundreds were able to spend Christmas in their new homes, said the Government.

Robert Gardner, Nationwide’s chief economist, said the upturn in prices has become increasingly broad-based.

He said: “For the second successive quarter, all 13 UK regions saw positive annual house price growth in quarter four. Part of the reason for the acceleration in house price growth is that the supply side of the market has not kept pace with the upturn in demand, even though buyer numbers remain subdued by historic standards.

“However, the risk is that if demand continues to run ahead of supply in the quarters ahead, affordability may become stretched.”

Have your say

Hardly surprising. Why would anyone want to move to Carlisle. Low wages, mediocre shopping, poorly performing schools, miles to travel to anywhere, poorly performing hospital, no airport, few large independent companies.

Posted by Ed bird on 18 February 2014 at 15:04

Not at all surprising. I can't think of another city in the country that is as apathetic and unambitious than Carlisle. The most useless local authority hardly helps either.

Posted by Paul on 13 January 2014 at 20:29

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