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.
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.
There’s also a suggestion that the situation is worsening in the London borough, as prices fell by 9.3% in March, 4.2% in February and 2.3% in January. Westminster had the next largest drop at 13.3%, followed by Na h-Eileanan Siar at 7.4%, and the City of Aberdeen at 7.0%.
Also in Scotland, East Lothian had the biggest percentage rise in the UK in April, at 17.2%, which is more substantial than the highest in Lancashire, in the Fylde at 15.5%.
In total, 27 local authorities experienced a fall in the average house prices, which you can spot on our interactive map and our summary here:
Blackpool – April 0.4, March 1.1
Wyre – April 0.8, March 3.6
Chorley – April 0.9, March1.9
Pendle – April 1.9, March 6.9
Rossendale – April 1.9, March 3.2
Hyndburn – April 2.0, March 1.7
Ribble Valley – April 3.9, March 6.4
Burnley – April 4.4, March 5.6
Lancashire – April 4.8, March 6.4
Lancaster – April 5.4, March 8.2
Preston – April 5.4 9.2
West Lancashire – April 6.1, March 6.0
Blackburn with Darwen – April 6.7, March 7.4
South Ribble – April 9.5, March 8.2
Fylde – April 15.5, March 14.9