What's the Latest Property Market Update in Cockermouth?
Reviewing the year that we have experienced so far, Anya Caine, Branch Manager for the Cockermouth and Keswick offices of H&H Land & Estates, looks at the property market in her area of Cockermouth.
“On the edge of the Lake District is the Georgian market town of Cockermouth. This is an appealing location as it a gateway to the western Lake District and the Solway coast. It boasts many speciality shops, eateries, art galleries and is home to Wordsworth House. Being only eight miles away from Crummock water and the dramatic mountains of the Lakes, it is understandable that is a highly sought-after area.
“Over the last few years, we have seen a significant rise in the property market with demand for all types of property rising. Like many places in the UK here in the Cockermouth area we have seen a rapid increase in the demand for properties. This demand unfortunately is far outstripping the supply currently available. Consequently, any properties that do come onto the market are being snapped up very quickly.
“Property prices are at an all-time high at the moment and due to the competition, we are seeing properties regularly going for above their asking price. As a result of this it is becoming increasingly difficult to get a foothold on the property ladder for many buyers.
“Due to the rising house prices many buyers, particularly first-time buyers, are choosing to look just outside of the primary areas of focus for many buyers in the district, and where the prices have risen the most, such as town centres and areas coveted for their natural beauty features. Because of this many places that don’t normally receive as much attention are now getting the benefit of new interest.
“Also experiencing tremendous levels of interest are rental properties. Similar to what we are seeing with those wishing to purchase a property, many prospective renters are facing higher prices and more competition for houses available on the market. This has a knock-on effect for prospective buyers who are currently renting. The high rent prices at the moment mean that buyers may struggle to save up enough for a deposit on a property.
“Contrary to the widespread opinion that it is only people from outside the immediate area looking at properties in this region we have seen many locals moving home. They are either choosing to downsize or are wishing to relocate closer to town centres and other beneficial spots for their lifestyle and work needs.
“An interesting trend which I have noticed recently has been a rise in the number of people interested in purchasing bungalows. Bungalows are the ideal dwelling for older people, and we are finding they are selling within days of coming to the market. Four bedroom family homes are also particularly in demand, but there is a real shortage of these types of properties coming to the market in Cockermouth.
“As the property market continues to evolve and change, here at H&H Land & Estates, we will continue to build relationships with our customers, and use our expertise and knowledge to give them the best possible advice and guidance as they try to find the ideal property, both for renting or purchasing, and tailor our services to each customers unique needs.”
