South Cumbria housing market ‘is booming’ again
Last updated at 14:36, Wednesday, 04 June 2014
THE housing market in south Cumbria is booming, figures for the last 12 months reveal.
Statistics compiled by the Land Registry show significant increases in the price properties are being sold for, with some towns recording increases of up to 16 per cent in the last year.
Property experts believe the statistics are indicative of the ongoing economic recovery.
Estate agent Kevin Walsh, who runs three branches in Barrow, Ulverston and Millom through his Home and Finance firm, said houses are being snapped up almost as soon as they are put on the market.
“Particularly in Barrow, we are finding we are selling houses as soon as we get them on our books,” Mr Walsh said.
“Two weeks ago we got five properties – one sold within two days and another two sold within a week.”
The Land Registry figures show in Barrow there has been an average increase of 10 per cent across all property types from £110,000 to 120,000.
Ulverston is not far behind, with homeowners enjoying a nine per cent increase from £177,000 to £192,000.
It is Dalton, however, where one of the most dramatic increases has been recorded. Prices are up 16 per cent in the last year, going from £110,000 to £128,000.
Mr Walsh said: “In general terms, in Barrow there has been a shortage of property on the market and in Ulverston it’s been like that for several years. There’s always been high demand in Ulverston.”
In Millom however, average prices have gone down 22 per cent from £124,000 to £97,000, which Mr Walsh believes can be explained by looking at prices historically.
He said: “There was an over supply of houses in Millom. Prices went up five or six years ago in Millom when they were going down everywhere else, so what’s happening now is a result of that.
“Before the recession, particularly in towns like Barrow and Millom, you had people from places like Preston and Blackburn coming up to buy property to let, because they realised they could buy cheap properties that had a good yield.”
There was, on the surface, a less buoyant market in the Lake District.
While detached and semi-detached homes in Ambleside increased in value, there was an overall slump in sale values of 45 per cent, from £258,440 to £142,500. In Windermere, the average sale value of a home fell by 29 per cent from £331,800 to £236,056.
While the figures sound dramatic, however, they are based on far fewer sales than in more densely populated areas, and on house types which can vary dramatically in value.
In Grange, prices have soared, with detached and semi-detached homes increasing in value. The overall change recorded was 47 per cent, with the average sale value of a home increasing from £174,327 to £256,267.
David Corrie, of Corrie and Co, said he had noticed a massive improvement in the housing market.
He said: “In the first half of the year we have seen a 30 per cent increase in sales.
“I think it is down to low interest rates, confidence in the market the BAE Systems factor, prospects in Glaxo and a reassurance in manufacturing.
“We have also had an influx of buy to let investors in Ulverston. Two thirds are now investors. It is a shame for locals as we don’t want them out priced.
“We won’t have the problem of overheating as they have in the south as there are enough properties on the market to satisfy the needs of buyers.
“It’s a very good market at the moment and the end of a long recession.”
First published at 14:33, Wednesday, 04 June 2014
Published by http://www.nwemail.co.uk
Have your say
With every boom their comes a bust-the basic dynamic of capitalism,and its just around the corner.
wait till the bubble pops