THE CORONAVIRUS PANDEMIC has wreaked havoc on the property industry, causing house prices to soar in many parts of the UK.
Across the nation, house prices soared by 10.9% annually in May, marking the strongest growth in nearly seven years, according to an index.
The double-digit house price growth recorded in May followed a 7.1% annual increase recorded in April, Nationwide Building Society said.
Across the UK, property values hit a new record average of £242,832 – up by £23,930 compared with 12 months earlier.
Robert Gardner, Nationwide’s chief economist, said: “The market has seen a complete turnaround over the past 12 months.
“A year ago, activity collapsed in the wake of the first lockdown, with housing transactions falling to a record low of 42,000 in April 2020.
“But activity surged towards the end of last year and into 2021, reaching a record high of 183,000 in March.”
The property market in Lancashire is no exception.
According to Land Registry data, property asking prices have increased by 11 per cent (June 2021-June 2021) across Lancashire as whole.
However, some of the county’s towns have seen a bigger property price increase than others.
Here are the Lancashire areas where house asking prices have increased the most in the last 12 months, according to data from Rightmove:
1.Bacup
This Rossendale town tops the list as house prices have rocketed by 14 per cent in the last 12 months.
The average house price right now currently stands at £168,056.
House prices in the Rossendale district as a whole are up 13 per cent.
2. Lytham St. Annes
The average house price here sits at a hefty £349,222- 13 per cent up on the year before.
3. Clitheroe
Clitheroe is home to some of East Lancashire’s most expensive properties.
The average house price right now sits at £230,792 which is an increase of 12 per cent.
4. Littleborough
If you want to get on the property ladder in Littleborough, you’re looking at an average house price of £222,602- which is up 12 per cent.
5. Accrington
This town is in the Hyndburn borough of Lancashire- and house prices here have jumped 10 per cent in the last year.
Currently, the average property price is £127,986.
6. Penwortham
This area sits on the outskirts of Preston- and house prices here have seen the sixth largest increase in Lancashire.
The average house price is £219,670 which is a whopping jump of 10 per cent.
7. Darwen
House prices increases in Darwen are below the national average at nine per cent.
The average house price right now is £148,826.
8. Heysham
This is the penultimate Lancashire listing.
The average house price currently sits at £166,587 which is an increase of nine per cent.
9. Leyland
This may be the last listing- but house prices have still seen a significant increase of nine per cent.
It’s also not the best place for first time buyers or those on a budget as the average house price currently sits at £192,256.
Have you purchased a house in the pandemic?
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here