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