Highs and lows of Pendle’s property prices

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Pendle is at the extremes of property price rises and falls, according to the latest figures published by Zoopla.

Between July and January, the average price of a house in Barnoldswick jumped from £124,463 to £132,213, a rise of more than 6%.

That increase puts it below only Kenilworth in Warwickshire across the country and above South Croydon in London, Lichfield in Staffordshire and Thetford in Norfolk which complete the top five.

However, despite being just five miles apart, Colne is at the other end of the scale and has seen average property prices plummet by almost 6%.

In July an average Colne house cost £131,776 but by January, that price had fallen to £124,255.

The drop puts Colne fourth in the top five fallers nationally, with Rotherham in South Yorkshire seeing prices decrease most, Whitby in North Yorkshire next and Colne sandwiched in between Stanmore in London and Chard in Somerset.

Comparing February figures in 2014 and 2015, house prices in Barnoldswick rose by almost 8% from £120,375 to £129,534 and Earby by the same percentage from £113,936 to £122,606.

Barrowford is the most expensive place to buy a house in Pendle and prices year on year nudged up by just shy of 2% from £169,944 to £172,921.

Nelson is the cheapest place to buy, although prices rose by the same percentage as Barrowford, seeing house values increase from £97,166 to £98,871.

The picture was similar in Brierfield which saw averages climb above the £100,000 mark, from £99,611 in February 2014 to £101,357 this month.

Comparisons over the 12-month period see Colne’s average price decline halved to nearly 3%, however, the town remains the only area in Pendle to see a slump with property worth £124,729 last year and £121,331 in 2015.

British property website Zoopla covers the residential property market and its estimates are calculated using an algorithm which includes Land Registry sold prices.

One Pendle agent is urging people to take the survey with “a pinch of salt” though.

Ian Bythell, Director at Petty’s said: “Whilst this is great for Barnoldswick; which we can whole-heartedly endorse having been operating from our new office for just over a month and having sold a property within two days of instruction, it shouldn’t be seen as negative news for Colne if you look into the facts.

“With any kind of survey, it is imperative to dig deeper and it is important for people to realise that this isn’t necessarily a true reflection of the marketplace.

“In contrast we find properties in Colne are selling extremely well and are commanding realistic prices based on the type of property.

“We made the strategic decision to join OnTheMarket.com and have become the selected partners of the Relocation Agent Network for over 20 years now so we would urge those living and indeed selling in Colne to take this survey with a pinch of salt.”