House prices on the rise in Northumberland

Home owners in Northumberland got a financial boost in October as average house prices in the are increased.
Good news for home owners in NorthumberlandGood news for home owners in Northumberland
Good news for home owners in Northumberland

According to the latest figures from the Land Registry house prices increased by 2.2% in the area in October.

The increase contributes to the longer-term trend, which has seen property prices achieve annual growth of 8.2%.

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That means the average price of a house in Northumberland in October was £167,043 – a 2.2% increase on September.

Over the month, the picture was better than that across the North East, where prices decreased by 0.3%, and the area also outperformed the 0.7% rise for the country as a whole.

Over the last year, the average sale price of property in the area rose by £13,000 – putting the area top the North East’s 13 local authorities for annual growth.

At the other end of the scale, properties in Hartlepool lost 4.4% of their value – to an average price of £106,000.

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Owners of detached houses saw the biggest price improvement in October – they increased by 2.5%, to an average of £281,486. Over the last year, prices rose by 9.3%.

The price of a semi-detached home rose by 2% on the month – up 8.5% annually to an average of £158,222.

Terraced home prices rose by 2.1% monthly – up 7.9% annually to an average of £130,892.

The cost of flats rose by 1.4% on the month to an average of £88,329 – up 4% annually.

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First-time buyers in Northumberland spent an average of £135,500 on their property – £9,600 more than a year ago, and £12,300 more than in September 2015.

The data shows that buyers in the area typically paid 22.6% more than the average price in the North East – £136,000 – in October.

Across the North East, property prices remain low compared to those across the UK, where the average home cost £245,000.

The most expensive properties in the North East were in North Tyneside – £174,000 on average.

The highest property prices in the UK were in Kensington and Chelsea, where the average October sale price was £1.3m.