House prices in Northumberland on the rise but possible good news for first-time buyers
House prices in Northumberland increased in March, new figures show
Figures from the Office for National Statistics show the average Northumberland house price in the year to March was £208,611 – a 3.6% increase on February.
The rise in Northumberland contributes to the longer-term trend in the area, which has seen property prices in the area grow by 11.6% over the last year.
It means the area ranked fourth among the North East’s 12 local authorities for annual growth, with the average price in Northumberland rising by £22,000 over the past year.
The highest annual growth in the North East was in Newcastle, where property prices increased on average by 14.2%.
At the other end of the scale, properties in North Tyneside gained 5.2% in value.
Across the UK, average house prices have jumped 6.4% over the past year, as the ending of a stamp duty holiday in England and Northern Ireland from April onwards sparked a stampede of homebuyers in the run-up.
The figures were released as statistics showed UK inflation surged to its highest level (3.5%) for more than a year last month.
Jonathan Handford, managing director at estate agent group Fine and Country, said: "In the months ahead, inflation and still-elevated borrowing costs are likely to weigh on demand, particularly as affordability remains stretched across much of the country.
"That said, a period of softer or stabilising house prices may offer a welcome opportunity for first-time buyers who have been priced out in some areas of the country."