HOUSE prices in Cumbria fell in February, but the long-term trend is still upward.

The Land Registry reports that the average price of a home in the county was £121,737, down 0.6 per cent from £122,451 in January.

But prices were 2.4 per cent higher than in February last year, when the average was £118,932.

Nationally, the Land Registry says, prices rose by 6.1 per cent over the year to £190,275.

However, this national average masks huge regional variations.

Prices in London soared by 13.5 per cent, taking the average price of a home in the capital to £530,368, while in north-east England the average fell by 3.2 per cent to £97,582.

David Britton, director of Cumbrian estate agent PFK, is familiar with run-away London prices having worked in the south east prior to joining PFK.

He says that the Cumbrian property market is much more stable.

Mr Britton said: “The market at the moment is predictable, which is a good thing for buyers and sellers.

“Cumbria didn't increase such a sharp decrease in prices when the market went into recession in 2008.

"In London we saw prices fall 30 to 40 per cent.  Cumbrian prices haven't risen particularly fast but our market is stable.”

PFK has offices in Penrith, Appleby, Kirkby Stephen, Cockermouth, Keswick and  Whitehaven.

Its seventh outlet, in Carlisle, is due to open a week today. APR 11

The firm has renovated premises at 10 Devonshire Street, which have stood empty since the Cheque Centre closed in 2014.

It spent around £400,000 on the project.

Mr Britton said: “We opened in Whitehaven a year ago and have had a huge amount of success there. That as the catalyst for coming to Carlisle.

"It's a surprise to most people that we don't have an office in Carlisle.” 

Although  Cumbrian house prices remain below the peak of November 2007 when the typical home sold for £142,064, £20,000 more than today, the Land Registry figures show more homes are changing hands.

An average of 762 homes were sold in the county each month in the last quarter of 2015, up from 708 in the same period the year before.

A strong housing market tends to boost the wider economy because people are more likely to spend on home improvements, electrical goods, carpets and furnishings when they move.