House prices on the rise 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%.

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.

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.

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.