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Wednesday, 03 September 2014

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Cumbrian house prices down £24,000 since 2007

The average home in Cumbria fell in value by £2,800 in 2013, official figures show.

Nick Elgey photo
Nick Elgey

The Land Registry reports that the county’s house prices declined by 1.0 per cent in December, taking the fall for the full year to 2.3 per cent.

The average home changed hands for £119,021 in December, down from £121,840 a year earlier.

That means Cumbrian house prices are back at a level last seen in the early summer of 2005.

They have fallen by 16.8 per cent since the market here peaked in late 2007.

The typical home then sold for £143,024 – £24,000 more than today.

But the Land Registry figures do confirm that more homes are being sold.

An average of 652 properties in the county changed hands each month between July and September.

That compares with 522 per month in the same period of 2012.

Nick Elgey, managing director of Cumberland Estate Agents, believes that sales volumes will continue to rise but sees no signs yet that prices will follow.

He said: “What we’re seeing echoes the Land Registry figures.

“Renewed confidence and better access to mortgage finance is causing more mortgage transactions to take place.

“But because it’s predominantly local demand, and we’re not seeing contested bidding, there is little likelihood of prices rising in the short-to-medium term.”

He added: “We are still in a very fragile market. We’re not the prosperous south east. There are very few people moving into the area through retirement or job relocation and first-time buyers are still a rare breed.”

Declining or static house prices in Cumbria, and many other parts of northern England, are in marked contrast to what is happening in London and the south east.

House prices in London soared 11.2 per cent last year, the Land Registry says. The average home in the capital sold for £403,792 in December, more than three times the figure for Cumbria.

Across England and Wales, average prices climbed 4.4 per cent to £167,353 in 2013.

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