Police were called to a property at Outgate, Ambleside last night at 10:00 pm, after receiving reports that a woman had been assaulted in the property.
An investigation was launched and a man aged 48 from the Ambleside area was arrested nearby on suspicion of murder and remains in police custody.
Police are working to formally identify the woman.
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The "terrified" victim was forced to hand over her bag and phone, as the men held a knife to her face.
Anthony Davidson had the blade of a Stanley knife in his pocket, when he was arrested in grounds of the nursery and infant school.