August house prices boost in Northumberland

Home owners in Northumberland saw the value of their homes increase in August – after measures by the Government to boost the property market, new figures show.

Thursday, 22nd October 2020, 12:35 pm
House prices rose in Northumberland during August

​The 1.2% inclease ​on the figures in July contributes to the longer-term trend, which has seen property prices in the area ​rise by 2.5% over the year.

The average housed price in the Northumberland in August was £160,682, according to Land Registry figures.

Over the month, the picture was among the best in the North East, where prices ​remained static​ with an average sale price of £131,701.

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The county also outperformed the national market where house prices rose by 0.7% in August.

The data comes after the Government raised the threshold on which Stamp Duty is paid from £125,000 to £500,000.

This emergency measure is due to run until March in a bid to support the housing market – which effectively ground to a halt in the early days of the coronavirus crisis.

The best annual growth in the region was seen in in Redcar and Cleveland, where properties increased on average by 6.5%, to £127,000.

At the other end of the scale, properties in Hartlepool dropped 3.4% in value, giving an average price of £105,000.

Owners of semi-detached houses saw the biggest improvement in prices in August – they increased 1.4%, to £153,055 on average. Over the last year, prices rose by 3.3%.

Detached home prices were up 1.2% on the month to an average of £268,522 – up 2.7% annually.

The value of terraced homes rose 1.3% monthly – up 2.3% annually – to an average of £126,01.

The price of flats wads up half a per cent monthly to an average of £86,068.

This represents an annual drop of 0.6%.

First-time buyers in Northumberland spent an average of £​130,800 on their property – ​£2,900 more than a year ago, ​and ​£8,000 more than in August 2015.

​Nationally, the average cost of a home rose to £239,000.

The most expensive average property prices in the North East were in North Tyneside – £168,000.

The highest property prices in the country were in Kensington and Chelsea, where the average August sale price was £1.4.