THE property sector in Cumbria and Lancashire is "still buoyant" despite fears of a slowdown, says a regional legal firm.

Napthens, whose offices include Kendal and Penrith, says its property experts advised on transactions totalling £160 million across the two counties in the past year.

This marks "a significant increase for the firm's real estate team", it said.

Napthens said the bulk of the work involved sales and purchases of freeholds, accounting for almost 70 per cent of transactions. More than ten per cent of the work involved bank lending and refinancing.

Jamie Allison, partner and head of real estate for Napthens, said the figures showed the strength of Cumbria and Lancashire's property sector.

"The market in the region is still buoyant and, despite initial fears of a slowdown due to factors such as Brexit or the recent rise in interest rates, we haven’t experienced this," said Mr Allison.

"Demand is certainly highest for industrial units and buildings, particularly freehold opportunities, which is what our figures are backing up.

"Residential development has also been active and continues to be so, although some developers have highlighted that the process for dealing with planning submissions can sometimes be slow due to the levels of volume they are seeing."

Mr Allison added: "Office premises remain slower as a market, and finding such premises can also be difficult. Areas including the South Lakes and Lancaster all have a strong demand, but there remains a lack of available stock."

He also said that transactions showed banks were "willing to lend to those businesses with a sound proposition", but with more stringent terms in certain areas.