Lancaster house prices increased in July

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.2% annual growth.

The average Lancaster house price in July was £194,375, Land Registry figures show –a 1.1% increase on June.

Over the month, the picture was less good than that across the North West, where prices increased 2.5%, and Lancaster underperformed compared to the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in Lancaster rose by £21,000 – putting the area 20th among the North West’s 39 local authorities with price data for annual growth.

The best annual growth in the region was in Hyndburn, where property prices increased on average by 16.4%, to £134,000. At the other end of the scale, properties in Pendle gained just 4.4% in value, giving an average price of £130,000.

Owners of terraced houses saw the biggest improvement in property prices in Lancaster in July – they increased 1.2%, to £168,826 on average. Over the last year, prices rose by 12.1%.

Among other types of property:

Detached: up 0.8% monthly; up 14% annually; £334,465 averageSemi-detached: up 1.2% monthly; up 12.9% annually; £206,600 averageFlats: up 0.9% monthly; up 7.5% annually; £112,780 average

First steps on the property ladder

First-time buyers in Lancaster spent an average of £171,000 on their property – £18,000 more than a year ago, and £39,000 more than in July 2017.

By comparison, former owner-occupiers paid £217,000 on average in July – 27% more than first-time buyers.

How do property prices in Lancaster compare?

Buyers paid 10.5% less than the average price in the North West (£217,000) in July for a property in Lancaster. Across the North West, property prices are lower than those across the UK, where the average cost £292,000.

The most expensive properties in the North West were in Trafford – £363,000 on average, and 1.9 times as much as more than in Lancaster. Trafford properties cost three times as much as homes in Burnley (£120,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in July

Lancaster: £194,375The North West: £217,077UK: £292,118Annual growth to July

Lancaster: +12.2%The North West: +18.1%UK: +15.5%Best and worst annual growth in the North West

Hyndburn: +16.4%Pendle: +4.4%