House prices continue to rise in Lancaster

House prices increased by 1.3% in Lancaster in April, new figures show.

By Katie Williams
Thursday, 23rd June 2022, 4:28 pm

The rise contributes to the longer-term trend, which has seen property prices in the district grow by 9.5% over the last year.

The average Lancaster house price in April was £189,018, Land Registry figures show – a 1.3% increase on March.

Over the month, the picture was different to that across the North West, where prices increased 2%, but Lancaster was above the 1.1% rise for the UK as a whole.

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House prices in Lancaster continue to climb.

Over the last year, the average sale price of property in Lancaster rose by £16,000 – putting the area 28th among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in Burnley, where property prices increased on average by 18.6%, to £119,000. At the other end of the scale, properties in Pendle gained just 2.7% in value, giving an average price of £125,000.

First-time buyers in Lancaster spent an average of £166,000 on their property – £14,000 more than a year ago, and £33,000 more than in April 2017.

By comparison, former owner-occupiers paid £211,000 on average in April – 27.4% more than first-time buyers.

Owners of detached houses saw the biggest rise in property prices in Lancaster in April – they increased 1.5%, to £330,031 on average. Over the last year, prices rose by 12.5%.

Among other types of property

*Semi-detached: up 1.3% monthly, up 10.2% annually; £200,554 average.

*Terraced: up 1.4% monthly, up 8.5% annually; £162,528 average.

*Flats: up 0.9% monthly, up 4.8% annually; £110,357 average.