House prices boost for Northumberland home owners

Data from the Land Registry show prices in the area increased by 0.8% – contributing to a longer-term trend, which has seen property values in the area grow by 18% over the last year.

The average house price in December in Northumberland was £203,936 – a rise of £31,000 over the year – and better than the housing market across the region, where prices decreased by 0.5%.

Prices in the area also outperformed the national market which saw a 0.4% drop in values.

Flat owners saw the biggest rise in property prices in Northumberland in December.

Values increased by 1.1%, to £101,309 on average. Over the last year, prices have risen by 14.2%.

The value of a detached home went up by 0.9% monthly – and 18.3% annually – to an average of £350,088.

Semi-detached home prices also increased by 0.9% over the month – and up 18.5% annually – to £193,419 on average.

Values of terraced homes rose by 0.7% monthly – up 18% annually – to an average of £158,657.

First-time buyers in Northumberland spent an average of £166,000 on their property – £26,000 more than a year ago, and £40,000 more than in December 2017.

Buyers in the area paid 24.6% more than the average price in the North East (£164,000) in December.

Nationally house prices ended last year £26,000 higher than when 2022 started, although the annual pace of growth in property values is slowing.