HOUSE prices dropped slightly, by 0.3%, in Allerdale in April, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 5.4% over the last year.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite Government figures showing 50% of renters would be able to afford the monthly payments.

In a recent major speech in Blackpool, Prime Minister Boris Johnson announced a “comprehensive review” of the mortgage market would take place in a bid to help more people onto the property ladder.

The average Allerdale house price in April was £178,561, Land Registry figures show – a 0.3% decrease on March.