Feb 07, 2023 by HM

House prices in Penrith (CA11 8)

This article reveals price per square metre data and various charts to help you understand current housing market in Penrith (CA11 8).

---

Price per square metre

Knowing the average house price in Penrith is not much use. However, knowing average price per square metre can be quite useful. Price per sqm allows some comparison between properties of different size. We define price per square metre as the sold price divided by the internal area of a property:

£ per sqm = price ÷ internal area

E.g. 14, Huntley Avenue, Penrith, sold for £260,000 on Oct-2023. Given the internal area of 72 square metres, the price per sqm is £3,611.

England & Wales have been officially metric for many decades. However house price per square foot is sometimes prefered by those of sufficiently advanced age. They may want to convert metres on this page to square feet.

The chart below is called a histogram, it helps you see the distribution of this house price per sqm data. To make this chart we put the sales data into a series of £ per sqm 'buckets' (e.g. £2,800-£3,000, £3,000-£3,200, £3,200-£3,400 etc...) we then count the number of sales with within in each bucket and plot the results. The chart is based on 217 sales in Penrith (CA11 8) that took place in the last two years.

You can see the spread of prices above. This is because although internal area is a key factor in determining valuation, it is not the only factor. Many factors other than size affect desirability; these factors could be condition, aspect, garden size, negotiating power of the vendor etc.

That said, the spread of prices will give you a feel of the typical range to expect in Penrith (CA11 8). Of the 217 transactions, half were sold for between £2,270 and £3,200 per square metre. Notably, only 25% of properties that sold recently were valued at more than £3,200m². For anything to be valued more than this means it has to be more desireable than the clear majority of homes.

For the average, we calculate the 'median' or middle price. The median price per square metre in 'CA11 8' is £2,710. The table below shows how 'CA11 8' compares to neighbouring postcode sectors.

Postcode sector	Lower quartile	Middle quartile	Upper quartile
CA11 0 Stainton	£2,700m2	£3,180m2	£3,790m2
CA11 8 Penrith	£2,270m2	£2,710m2	£3,200m2
CA11 9 Penrith	£1,900m2	£2,350m2	£2,740m2
CA11 7 Penrith	£1,840m2	£2,250m2	£2,660m2

Will Penrith house prices drop in 2024?

I cannot tell the future and don't believe anyone who says they can. I can however plot price trends - I have done this in the scatter plot below for CA11 8 (Penrith). From this one could infer a range of reasonable possible future price falls or rises. In the chart below, the red dashed line is the house price trend for CA11 8 and the blue dots are the individual property sales that inform this trend.

Disclaimer: The data provided throughout this website about Penrith and any other area, is not financial advice. Any information provided does not and cannot ever take in to account the particular financial situation, objectives or property needs of either you or anyone reading this information. Furthermore, I cannot guarantee the accuracy of any data shown. This information is based on sold prices and internal area data provided by Land Registry and other third parties - I do not verify the accuracy of the Penrith data or any other data I am given.

Price map for Penrith

I've just finished coding the map I link to below. I find it useful and I am sure it will help you in exploring Penrith. You can zoom in all the way to individual properties and then all the way back out to see the whole country. The colours show the current estimated property values. I will explain more about the methodology and create a key next week.

House price heatmap for Penrith

Street level data

Street	Avg size	Avg £/m2	Recent sales
Clifford Road, Penrith, CA11 8P	88m2	£2,511	15
Meadow Croft, Penrith, CA11 8E	76m2	£2,961	15
Victoria Road, Penrith, CA11 8H	71m2	£2,035	14
Netherend Road, Penrith, CA11 8P	76m2	£2,911	12
Holme Riggs Avenue, Penrith, CA11 8N	86m2	£2,380	12
Crocus Avenue, Penrith, CA11 8F	118m2	£2,234	12
Tulip Gardens, Penrith, CA11 8B	90m2	£2,553	11
Roper Street, Penrith, CA11 8E	64m2	£1,652	10

Search for your street here.

New build activity

Street	Avg size	Avg £/m2	New build sales
Centurion Rise, Penrith, CA11 8B	107m2	£2,552	19
Roper Street, Penrith, CA11 8F	64m2	£3,782	34

Centurion Rise, Penrith, CA11 8B has seen 19 new build sales in the last 4 years (average price £303,423). These new build homes typically have an internal area of 107 m2, with an average price of £2,552 m2. This £sqm average is £-158 below the average for CA11 8. New builds typically command a £ per sqm premium. In the case of Centurion Rise the premium seems not to exist. Without more info we can only speculate why this may be. Perhaps it may be greater density and smaller gardens, but this is just a guess.

Raw data

Our analysis of Penrith is derived from what is essentially a big table of sold prices from Land Registry with added property size information. Below are three rows from this table to give you an idea.

Address	Paid	m2	£/m2
14, Huntley Avenue, Penrith	£260,000 Oct-2023	72	3,611
5, Primrose Drive, Penrith	£172,000 Oct-2023	69	2,492
Flat 16 Tynefield Court, Bridge Lane, Penrith	£135,000 Oct-2023	52	2,596

See the entire list of all sales in Penrith (CA11 8) here.