Summer boost for Northumberland home owners

Home owners in Northumberland got an early summer boost in May as the value of their houses increased.

Wednesday, 14th July 2021, 1:32 pm
Updated Friday, 16th July 2021, 12:30 pm
House prices rise

Average prices in the area rose by 1.8%, according to Land Registry figures – contributing to the longer-term trend, which has seen property values achieve 13.2% annual growth.

The average house price in the area in May was £174,053 – with values rising by an average of £20,000 over the last year.

The figures show that owners of detached houses in the area saw the biggest improvement in property prices in May. They increased by 2.1% to an average of £295,019 – an annual rise of 14.3%.

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Semi-detached home values were up 1.5% monthly to an average of £163,845 – a 12.4% annual increase.

The value of terraced homes rose by 1.8% over the month – 13.7% annually to an average of £136,686.

Flats values rose to an average price of £91,109 – up 1.5% monthly and 9.2% annually.

First-time buyers in Northumberland spent an average of £141,000 on their property – £16,000 more than last year and £22,000 more than in May 2016.

Buyers paid 21.6% more than the average price in the North East (£143,000) in May for a property in Northumberland.

Across the region, average property prices are low compared to those across the UK, where the average cost is now £255,000.

The most expensive properties in the North East were in North Tyneside – £177,000 on average.

The highest property prices in the UK were in Kensington and Chelsea, where the average May sale price was £1.2million.