Valley house prices soar
PROPERTY prices are booming as Rossendale recorded the fifth fastest rate of any area in England.
Figures from the Office for National Statistics (ONS) show that, over the past 12 months, prices in the Valley have soared by 11.5 per cent, to an average price of £141,222.
This puts the borough in fifth place in a national league table of house prices dominated by southern counties.
Kensington and Chelsea top the list with an 18pc annual rise followed by the Forest of Dean (17.9pc), Melton (12.8pc) and Daventry (12.1pc).
Emma Farrow, director at Farrow & Farrow estate agents on Bank Street in Rawtenstall, said Rossendale’s performance is ‘not a surprise’. She told the Free Press: “The main reason for this is a combination of two factors – the increase in the range of amenities in the Valley, together with greater awareness of this, both within the area itself but also to the wider Manchester market.
“A major factor has also ●● Emma Farrow, director of Farrow and Farrow been the reduction in stock levels of houses coming to the market which, at the end of October, had seen a drop in numbers of houses for sale of around 28pc year on year to date.
“This is not just with our agency, but across the whole market.
“This means that we have seen an increase in demand, particularly for properties within easy reach of Rawtenstall town centre, with good access to the motorway and public transport connections.”
However councillor Barbara Ashworth, portfolio holder for health, housing, communities and customer services, said the picture is ‘more complex than the figures suggest’.
She said: “Rising property prices can be a positive sign for the borough.
“It is an indication that people want to come and live here or stay because there are plenty of opportunities for them – and why not live here? Rossendale is certainly a borough on the up. It is a great place to live and work.
“However we also are mindful that the borough needs a good stock of high quality houses which people can afford.
“We don’t want a situation where young people and others in housing need are priced out of living here.
“The council is continually working with our partners to improve the area’s prosperity for the benefits of its residents.
We will continue lobbying for extra investment to improve our infrastructure.”
●● Farrow & Farrow for sale sign