Early summer lift for home owners

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

By Katie Williams
Wednesday, 20th July 2022, 5:23 pm
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.

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.

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.