Northumberland house prices hit by pre-Christmas stall

Northumberland house prices stall.Northumberland house prices stall.
Northumberland house prices stall.
Home owners in Northumberland were hit with a pre-Christmas stall in house prices, according to new figures.

Land Registry data shows prices in the area decreased by 0.5% in November – as the North East market was hit by a 2.6% fall and prices dropped by 0.3% nationally.

The drop does not reverse the longer-term trend, which has seen property prices in the area grow by 13.9% over the last year – to an average of £202,669.

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Over the last year, the average sale price of property in the city has risen by £25,000

The average UK house price edged down to £295,000 in November, from the previous month's record high of £296,000.

Owners of flats saw the biggest fall in property prices Northumberland in November as values dropped by 0.6% to an average of £100,243 on average.

Over the last year, prices rose by 9.4%.

Detached home values fell by 0.5% monthly – but were up 14.4% annually – to an average of £347,662.

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Prices for semi-detached homes fell 0.4% over the month – but up 14.2% annually – to £192,005 on average.

Terraced home prices fell by 0.4% monthly – up 14.2% annually – an average of £158,100.

The data also shows first-time buyers in Northumberland spent an average of £164,000 on their property – £20,000 more than a year ago, and £40,000 more than in November 2017.

Buyers also paid 24.6% more than the average price in the North East (£163,000) in November for a property in Northumberland.

The most expensive properties in the North East were in North Tyneside – £208,000 on average.