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Saturday, 30 August 2014

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House prices in Cumbria tumble to 2005 levels

House prices in Cumbria have fallen to 2005 levels, official figures show.

The Land Registry says prices dropped 1.6 per cent last year, wiping £2,000 off the sale price of the typical home.

The average was £122,074 in December, down from £122,187 in November and from £124,071 in December 2011. Values have slipped by 14.9 per cent since the height of the property boom.

In early 2008, the average Cumbrian home sold for £143,000 – £21,000 more than today.

Prices are now back at a level last seen in November and December 2005.

The number of homes changing hands continues to fall. An average of 501 were sold each month between August and October, compared with 594 a month in the same period of 2011.

Nick Elgey, managing director of the Cumberland Estate Agency, which has offices throughout Cumbria, believes that lack of confidence is holding back the market.

He said: “We have seen a reduction in sale volumes and relatively static prices.

“The reduction in volume is due to the uncertain economic conditions.

“There has been a lot of adverse publicity about what’s happening in the retail sector and that dents confidence.

“What is positive is that prices have fallen, making homes more affordable.

“And there are some very attractive mortgage deals – even for first-time buyers.”

Nationally, the Land Registry says, house prices increased by 0.8 per cent in December.

The typical home in England and Wales sold for £162,080, 1.7 per cent more than a year ago.

However, the national average masks a sharp north-south divide. Prices rose by 8.4 per cent in London but fell across much of northern England.

The steepest fall, 3.5 per cent, was in the north west.

The typical home in London now sells for £371,223 – three times the figure for Cumbria.

Mr Elgey added: “There is no such thing as a national property market any more. There are micro markets throughout the UK. The London market is driven by international buyers.”

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