Grace Oakey, H&H Land & Estates Branch Manager & Valuer, based at the H&H Land & Estates office in Penrith, reviews a year of rising but volatile price rises in Cumbria, and looks forward to a calmer and steadier start to 2026.
"With the end of the year rapidly approaching, we're seeing house prices in the region continuing to rise as they have all year, but the pace has definitely started to steady.
According to HM Land Registry and the UK House Price Index, the average UK property was up 5.4% early in 2025, but by June that upward climb had slowed to 3.7%. Finally, after the very busy, post-pandemic years, the market both nationally and here in Cumbria is calming down. It feels much more stable and a lot less reactive now.
We're still seeing plenty of interest in rural and lifestyle properties, which is great news for Cumbria and especially for Penrith where we are still busy valuing and bringing these types of homes to the market.
There appear to be more properties of all kinds coming onto the market recently. This gives buyers more choice and, because we're in more of a buyers' market at the moment, they're using that advantage to negotiate and secure a good deal.
Something else we've noticed is a shift in what buyers want. Homes with modern features and good EPC ratings are getting more attention. People are really thinking about running costs since the cost-of-living crisis, and with the significant rise in the cost of materials and labour, properties that need a lot of updating or trades work are taking longer to sell.
The good news is that mortgage rates have stabilised through 2025, which has helped first-time buyers and others who were on the fence feel more confident about getting onto the property ladder.
With more homes available, including new builds, pricing realistically has become even more important for our vendors. A well-priced property is definitely the one that attracts immediate interest.
Properties doing particularly well at the moment are those with good EPCs, space for a home office, or those in quieter, rural spots with outside space or land. Lifestyle is still a huge factor for a lot of potential buyers.
Looking ahead to 2026, I think we'll see steady price growth rather than the big jumps we've experienced in the past. If mortgage rates hold or drop slightly, the market should continue at this more 'normal' pace.
Rural and semi-rural areas, including Penrith and the surrounding villages, should continue to attract buyers. More than ever, buyers are focusing on quality, long-term value and manageable energy costs, and presentation and sensible valuations will make a big difference when selling in a competitive market.
We're also hearing more talk about land and development opportunities. That's a real strength for us at H&H Land & Estates, especially with our inhouse planning specialist, Angus Hutchinson, allowing us to offer proper guidance and help clients spot the potential in plots and development sites.
Our team across Cumbria is working hard to help buyers and sellers achieve the best results in this property-rich region, and we offer all our clients our best wishes for a happy Christmas and every success in the New Year."
For further information or to discuss your property needs, please contact Grace on 01768 840619 or at grace.oakey@hhlandestates.co.uk.
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