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Friday, 31 October 2014

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Cumbrian house prices now higher than year ago

Cumbrian house prices have risen for two months in a row, and are now higher than at this time last year.

But estate agents say there is little chance of the county experiencing the house-price boom seen in London and the south east.

Official figures from the Land Registry show that prices in Cumbria climbed by 0.6 per cent in February.

The average home sold for £121,265, up from £120,533 in January and from £120,471 in February last year.

The number of homes changing hands is rising too. An average of 669 homes sold each month between September and November, up from 511 per month in the same period of 2012.

Yvonne McKenzie, manager of estate agent Tiffen & Co in Workington, said: “There is more activity and a lot more confidence in the market, and I would expect that to continue.

“There may be some increase in prices but nothing anywhere near the double-digit percentage increases in London.

“It’s a totally different market here. Buyers are still making offers below the asking price.”

Cumbrian property prices have a long way to go to catch up with the peak seen in December 2007 when the typical home changed hands for £143,128 – nearly £22,000 more than today.

Nationally, the Land Registry says, prices rose by 0.7 per cent in February and by 5.3 per cent in the last year.

The average home in England and Wales now costs £170,000.

House prices in London, however, soared by 13.8 per cent over the year. The average home in the capital sold for £414,356 in February, more than three times the figure for Cumbria.

Prices in the south east outside London rose by 7.1 per cent year on year. Increases were more modest across the rest of England and Wales and in the north east values fell by 1.3 per cent.

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