Lancaster house prices dropped by more than North West average in February
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But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.5% over the last year.
The average Lancaster house price in February was £207,365, Land Registry figures show – a 0.4% decrease on January.
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Hide AdOver the month, the picture was similar to that across the North West, where prices decreased 0.2%, and Lancaster was lower than the 0.4% rise for the UK as a whole.
Over the last year, the average sale price of property in Lancaster rose by £3,000 – putting the area 16th among the North West’s 35 local authorities with price data for annual growth.
The highest annual growth in the region was in Rossendale, where property prices increased on average by 11.7%, to £213,000. At the other end of the scale, properties in Burnley lost 9.3% of their value, giving an average price of £103,000.
First steps on the property ladder
First-time buyers in Lancaster spent an average of £183,100 on their property – £2,500 more than a year ago, and £46,000 more than in February 2019.
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Hide AdBy comparison, former owner-occupiers paid £230,400 on average in February – 25.8% more than first-time buyers.
Property types
Owners of flats saw the biggest fall in property prices in Lancaster in February – they dropped 0.7% in price, to £121,415 on average. Over the last year, prices dropped by 0.2%.
Among other types of property:
Detached: down 0.5% monthly; up 1.8% annually; £349,460 averageSemi-detached: down 0.4% monthly; up 2.3% annually; £221,230 average Terraced: down 0.2% monthly; up 1.1% annually; £181,232 average
How do property prices in Lancaster compare?
Buyers paid 3.1% less than the average price in the North West (£214,000) in February for a property in Lancaster. Across the North West, property prices are low compared to those across the UK, where the average cost is £281,000.
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Hide AdThe most expensive properties in the North West were in Trafford – £354,000 on average, and 1.7 times the price as in Lancaster. Trafford properties cost 3.4 times the price as homes in Burnley (£103,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.