Autumn house prices stall in Northumberland

Land Registry figures show housed prices in the area dropped by 0.2% in October – but the longer-term trend has seen property values rise by 6.8% over the last year.

The figures show the average price in October was £177,636.

Over the month, the picture was still better than that across the North East, where prices decreased by 4.8% to an average of £147,719, and the area’s housing market also outperformed the 1.1% drop for the UK as a whole.

Over the last year, the average sale price of property in Northumberland rose by £11,000.

Owners of flats fared worst in Northumberland in October. Prices dropped by 1.1% in price over the month – to an average of £90,692. Over the last year, prices rose by 2.1%.

The value of a detached home rose by 0.5% monthly – up 9.5% annually – to an average of £305,862.

Semi-detached house prices fell by 0.6% monthly – up 6.3% annually – to an average of £167,417.

The value of a terraced house fell by 0.4% over the month – but up 5.4% annually – to an average of £137,711.

First-time buyers in Northumberland spent an average of £143,500 on their property – £8,300 more than a year ago, and £20,600 more than in October 2016.

Buyers paid 20.3% more than the average price in the North East for a property in Northumberland.

Across the North East, property prices are remain lower than those nationally, where the average is £268,000.