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East Lancashire house price slump continues to slow
THE house price slump in Blackburn, and across East Lancashire, is continuing to slow, according to new government figures.
Prices are now falling at a fraction of the rate they were two years ago, figures from the Land Registry showed.
In Blackburn with Darwen, prices fell by 3.1 per cent last year, compared to four per cent in 2011/12.
And in the rest of the county, prices fell by 1.6 per cent last year, compared to 4.3 per cent in 2011/12.
In November, houses prices rose to an average to £103,572 in the Lancashire County Council area, and £70,313 in Blackburn.
In stark contrast, homes in London are worth an average of nearly four times as much at just short of £400,000.
Estate agent Craig Pickles, from Proctor’s Estate Agents in Preston New Road, Blackburn, said: “The market is levelling and people are more confident than they were this time last year or the year before.
“The one thing that will stop prices from rocketing around here is that people are still restricted on what they can borrow, and the lenders are still keeping it tight.
Mr Pickles said public perception had changed, with prospective buyers adopting a more positive outlook on the market. He added: “If people think prices are starting to increase then they will want to buy now before they do increase.”
The figures also revealed a huge spike in the number of more expensive homes worth £2million-plus being sold.
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