The cost of laying down roots in Cumbria can vary dramatically from one postcode to another. Looking into the latest property data from the Land Registry, shows where you’ll find the most wallet-friendly homes and where the price tags soar to eye-watering heights.
The area of Moor Row in West Cumbria emerges as a leader for affordability, not just locally but across England and Wales. Here, the average house could be yours for a tad over £98,000, making it the third cheapest area in the country. This pocket of Cumbria presents a golden opportunity for those dreaming of homeownership without breaking the bank.
The Varied Cost of Cumbrian Life
Venturing into the broader landscapes of Cumbria, the financial commitment of purchasing a home shifts significantly. In Workington, the average property price sits at £149,632, while a short hop away, Maryport properties edge slightly higher at £151,474. Penrith shows a starker contrast within its bounds; the CA11 area offers homes at an average of £261,789, but step into Carleton Hall (CA10), and that average leaps to £303,779.
Carlisle, with its divided territories of Southwest, North, and East, displays a fascinating range of averages from £140,272 to £209,713, offering something for almost every budget.
Seascale, home to Sellafield—one of Cumbria’s largest employers—boasts an average house price of £206,344, reflecting its economic significance to the area.
Cumbria’s Price Peaks
For those whose pockets are deeper, Cumbria doesn’t disappoint. The crown for the most lavish locale in the Cumberland Council area goes to Holmrook (CA19), where the average abode demands £517,429. Meanwhile, the ultimate Cumbrian luxury can be found in Ambleside within the Westmorland and Furness Council area, with average house prices soaring to £560,181.
A National Perspective
When we zoom out to the national level, the property price panorama shifts dramatically. Bradford City Centre (BA1) in West Yorkshire claims the title for the lowest property price at £64,960. On the opposite end of the spectrum, and setting aside the ever-astronomical Greater London, is Cobham in Surrey (KT11), where the average property price skyrockets to £1,395,369.
The Housing Affordability Ratio
In an update that offers a sliver of optimism, the Office for National Statistics (ONS) announced a dip in the housing affordability ratio across England. Falling from 8.47 to 8.26 last year, this measure—which calculates the median house price against the median salary—hints at an easing burden of property prices relative to earnings. This slight improvement from the pandemic peak of 9.06 in 2021 suggests a cautiously optimistic outlook for prospective homeowners.