House prices buck national trend in Ribble Valley

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by Lin Freestone

The Ribble Valley area of Lancashire is defying the national slump in house prices, with an average increase of 17.1% being recorded in the first quarter of 2008.

The area continues to be popular with purchasers because of the proximity of good schooling, access to commuter routes, and quality of living. Between 2000 and 2004, house prices rose by 100%.

The average value of a detached house in Ribble Valley in the first quarter of 2008 was £256,381, an increase of 28.7%. In comparison, the value of terraced houses fell by 3% to an average value of £155,570.

There has been much interest in properties in the £300,000 to £400,000 bracket, which are selling well. A property on the market for £800,000 had 14 viewings in 12 days. However, in the current turbulent financial market, converting viewings to sales is proving more difficult.

Because prices in the Ribble Valley are high, young people and key workers are being priced out of the market.

In an attempt to enable first time buyers to get on the housing ladder, an affordable housing scheme has been launched in the area. Sixteen two-bedroomed apartments have been placed on the market at Clyder Park, Clitheroe, on a shared ownership basis.

Starting from £63,750 for a 50% share, the apartments require an additional £146.10 monthly rent on the remainder. Buyers are able to purchase additional shares in their property after 12 months, either in one payment or in stages.

Ribble Valley Council worked closely with housing association Great Places, which will be handling the management and joint ownership of the flats, and low-cost home ownership company, Plumlife, to bring the scheme to fruition.