Early summer lift for home owners

Homeowners in Northumberland got an early summer lift as house prices rose slightly, according to new figures.
House prices rise.House prices rise.
House prices rise.

Land Registry data shows house values increased by an average of 0.2% in May – adding to the longer-term trend which has seen property prices in the area grow by 5.7%% over the last year

The average house price in Northumberland in May was £181,562 – a 0.2% rise on April.

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That was compared to a 0.1% decrease in prices regionally but well below the 1.2% average national market rise.

Over the last year, the average sale price of property in the area rose by £9,800.

Owners of terraced houses saw the biggest rise in property prices in Northumberland in May. Values increased by 0.6%, to an average of £141,412 – a 4.9% increase over the last year.

The value of a detached home stayed the same over the month – but up 7.5% annually – at an average of £311,756.

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Semi-detached home values increased by 0.2% monthly – up 5.7% annually – to an average of £171,448.

The price paid for flats was down 0.1% ovefr the month – but up by 0.8% annually – at an average of £91,255.

First-time buyers in Northumberland spent an average of £147,100 on their property – £7,400 more than a year ago, and £24,800 more than in May 2017.

Buyers paid 18.2% more than the average price in the North East (£154,000) in May for a property in Northumberland.

Nationally, the average cost of a house is now £283,000.