31-05-2025
Cumbrian housing market 'cautiously optimistic' says estate agent after price rise
The housing market in Cumbria is 'cautiously optimistic' according to a Penrith estate agent.
The Rightmove House Price Index for April showed a 'substantial' 14 per cent increase in the number of sales instructions from new sellers compared to the same period last year.
The number of sales agreed was up 5 per cent, and the average asking price was 2.3 per cent higher than at the same time in 2024.
The provisional average house price in the Cumberland Council area in March 2025 was £168,000. This was higher than the average of £154,000 in March 2024 (revised), an 8.7 per cent rise according to the Office for National Statistics (ONS).
Rents in the council area in April 2025 had also risen by 8 per cent from the same month last year with the average monthly private rent in the Cumberland Council area being £618.
'April certainly brought a sense of hesitancy, particularly following the stamp duty changes,' said H&H's valuer in Penrith, Grace Oakley.
'However, the early signs of a bounce back in May, including an upturn in agreed sales and renewed buyer interest, could signal a return in confidence.'
First-time buyers currently appear to be the most active sector in the local market according to Grace.
'Generally speaking, properties up to £250,000 are selling very well and this price bracket remains in high demand, driven by buyers eager to take their first step on the property ladder,' said Grace.
'Affordable properties in rural areas are extremely popular.
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'We're also continuing to see steady interest in properties with a couple of acres, particularly those suitable for horses or ponies. These often attract a different type of buyer, typically cash buyers with a clear lifestyle goal.'
'While it remains to be seen whether the renewed interest seen in May will continue to bolster the market in the coming months, the signs are cautiously optimistic.
'As always, our experienced team is closely monitoring the property landscape to help both buyers and sellers make the best-informed decision and of course to maximise sales.'
