The cost of buying a home has continued to increase across Lancashire, with some council areas being among the UK’s property hotspots.
The average house price in our county was £195,665 in the 12 months to October, according to the latest figures from the Land Registry. That’s an increase of 4.6% compared to a year earlier, equivalent to an extra £8,529 on each home.
That’s better than the UK average, with prices rising by 3.4% over the last year to £292,059. Two areas in our region though are in the top 10 hotspots in the country.
Blackburn with Darwen has seen the average cost of buying a home there increase by 10.5% over the last 12 months. The average house price there is now £159,805.
In Pendle, meanwhile, the average house price has increased by 10.4% to £146,516. It means properties in Blackburn and Darwen are £15,247 more expensive than a year earlier, on average, while in Pendle they’re £13,789 more expensive.
Lancaster is the only area in the county to see a drop in average house prices. The city saw a 0.5% fall in 12 months, while Wyre and Rossendale saw the smallest increases at 0.7% and 1.7% respectfully.
You can see how prices have changed in your local area by using our interactive map:
The Shetland Islands is the UK’s property hotspot. The average house price there is £225,587. That’s 28.2% higher than a year earlier, which is a larger jump than any other local authority in the country, and works out as an extra £49,601 per house.
Tewkesbury has seen the next largest growth in house prices, with the average property costing 12.6% more than it did a year earlier. That’s followed by Bridgend (10.8%), Blaenau Gwent (10.6%), Blackburn with Darwen (10.5%) and Pendle (10.4%).
Prices are falling in many areas though, with parts of London experiencing the biggest drops in the country. The average home in Kensington and Chelsea cost over £1.1 million in the year to October.
That’s a fall of £285,480 per house compared to a year earlier, which works out as a drop of 20.3% and is the largest of any local authority in the UK. The City of London has seen the next largest drop with homes costing 18.3% less than a year earlier, equivalent to £160,16 per house.
Hammersmith and Fulham has the next largest drop at 10.5%, equivalent to £86,825 per home. North Devon has seen the next largest fall in average prices at 7.8%, followed by Camden with a drop of 6.2%, Gwynedd with a drop of 5.1%, the Isle of Wight with a drop of 5.0%, Islington with a drop of 4.9% and the City of Westminster with a drop of 4.4%.
Manchester – often seen as the North’s property hotspot with skyscrapers popping up all over the city – has also seen a drop in average prices. The average house in the city cost £253,061 in the year to October according to the Land Registry data.
That’s a drop of 2.3% compared to a year earlier, equivalent to each hose costing £5,981 less.
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