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House prices map shows Lancashire areas where property values are rising fastest

House prices map shows Lancashire areas where property values are rising fastest

Data suggests that Lancashire is one of the top property hotspots in the UK, as interest rates and property prices are on the rise.

As LancsLive has previously reported, almost 200,000 households in Lancashire will be impacted by the Bank of England’s hike in interest rates. On Thursday (June 22), the Bank increased the base rate of interest by 5% – the 13th time in a row rates have been increased in an attempt to curb inflation.

Average UK house prices have increased by 3.5% in the 12 months to April 2023, which is down from 4.1% in the previous month. The average price for one in April was £286,000 – a whopping £9,000 higher than a year earlier.

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Looking at specific regions in the county, in Fylde the average house price rose by 15.5% in April, which is an increase from 14.9% in March, 13.8% in February and 11.1% in January. In South Ribble, the next highest price rise can be seen in Lancashire with a 9.5% increase, up from 8.2% in March.

That’s followed by Blackburn with Darwen at 6.7% (down from 7.4% in March) and West Lancashire at 6.1% (up from 6.0% in March). Preston then follows this at 5.4% (down from 9.2% in March), and Lancaster at 5.4% ( down from 8.2% in March).

However, despite the country as a whole seeing prices increase, there are some areas in the UK that have seen substantial drops. House prices in Kensington and Chelsea fell by 15.8% in April compared to 12 months earlier – the largest year-on-year drop of any local authority in the country.

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  • June 25, 2023