This is what the pandemic has done to house prices in Northumberland

House prices increased slightly in Northumberland in March, new figures show.

Wednesday, 20th May 2020, 1:47 pm
Updated Saturday, 23rd May 2020, 1:50 am
House prices increased slightly in Northumberland in March, new figures show.

The ​boost ​contributes to the longer-term trend, which has seen property prices in the area ​achieve 2.2% annual growth​.

The average Northumberland house price in March was £152,051, Land Registry figures show​ – a 0.3% increase on February.

Over the month, the picture was ​better than that across the North East, where prices ​decreased 0.6%​, and Northumberland outperformed the 0.2% drop for the UK as a whole.

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Over the last year, the average sale price of property in Northumberland ​​rose by £3,200 – putting the ​area eighth among the North East’s 12 local authorities for annual growth.

​The best annual growth in the region was in Middlesbrough, where properties increased on average by 10.1%, to £119,000. ​At the other end of the scale, properties in County Durham dropped 1.2% in value, giving an average price of £96,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Northumberland in March – they increased 0.8%, to £255,853 on average. Over the last year, prices rose by 2.4%.

Among other types of property:

Semi-detached: up 0.2% monthly; up 2.5% annually; £144,249 average

Terraced: down 0.1% monthly; up 2.1% annually; £118,305 average

Flats: remained level over the month; up 0.4% annually; £82,888 average

First steps on the property ladder

First-time buyers in Northumberland spent an average of £​123,900 on their property – ​£2,500 more than a year ago, ​and ​£8,800 more than in March 2015.

By comparison, former owner-occupiers paid £​174,400 on average in March​ – 40.8% more than first-time buyers.

How do property prices in Northumberland compare?

​Buyers paid 19.8% more than the average price in the North East (£127,000) in March for a property in Northumberland. Across the North East, property prices are low compared to those across the UK, where the average cost £232,000.

The most expensive properties in the North East were in North Tyneside – £160,000 on average, and 5% in Northumberland. North Tyneside properties cost 1.7 times as much as homes in County Durham (£96,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average March sale price of £1.4 million could buy 16 properties in Burnley (average £86,000).

Factfile

Average property price in March

Northumberland: £152,051

The North East: £126,945

UK: £231,855

Annual growth to March

Northumberland: +2.2%

The North East: +1.8%

UK: +2.1%

Best and worst annual growth in the North East

Middlesbrough: +10.1%

County Durham: -1.2%