HOUSE prices increased by 4.3 per cent – more than the average for the North West – in Barrow in April, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 9.4 per cent over the last year.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite Government figures showing 50 per cent of renters would be able to afford the monthly payments.

In a recent major speech in Blackpool, Prime Minister Boris Johnson announced a “comprehensive review” of the mortgage market would take place in a bid to help more people onto the property ladder.

The average Barrow house price in April was £147,099, Land Registry figures show – a 4.3 per cent increase on March.

Over the month, the picture was different to that across the North West, where prices increased 2 per cent, and Barrow was above the 1.1 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Barrow rose by £13,000 – putting the area 30th among the North West’s 39 local authorities with price data for annual growth.

First-time buyers in Barrow spent an average of £131,000 on their property – £11,000 more than a year ago, and £32,000 more than in April 2017.

Owners of detached houses saw the biggest rise in property prices in Barrow in April – they increased 4.3 per cent, to £261,269 on average. Over the last year, prices rose by 11 per cent.