Northumberland house prices increase more than the North East average

Property prices in Northumberland increased by 1.4% in March – more than the average for the North East.

By Katie Williams
Thursday, 19th May 2022, 10:15 am

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10.6% annual growth.

The average Northumberland house price in March was £189,074, Land Registry figures show – a 1.4% increase compared to February.

Over the month, the picture was similar to that across the North East, where prices increased 1.1%, and Northumberland outperformed the 0.3% rise for the UK as a whole.

Property values in Northumberland increased by 1.4 per cent in March.

Over the last year, the average sale price of property in Northumberland rose by £18,000 – putting the area fourth among the North East’s 12 local authorities with price data for annual growth.

The best annual growth in the region was in Sunderland, where property prices increased on average by 14.4%, to £142,000. At the other end of the scale, properties in Gateshead gained just 2.9% in value, giving an average price of £144,000.

Owners of detached houses saw the biggest improvement in property prices in Northumberland – they increased 1.8%, to £328,449 on average. Over the last year, prices rose by 14.1%.

Prices among other types of property:

• Semi-detached: up 1.6% monthly; up 10.6% annually; £178,550 average

• Terraced: up 1.1% monthly; up 8.2% annually; £145,406 average

• Flats: up 0.7% monthly; up 4.8% annually; £94,993 average

First-time buyers in Northumberland spent an average of £153,000 on their property – £14,000 more than a year ago, and £32,000 more than in March 2017.

By comparison, former owner-occupiers paid £218,000 on average in March – 43% more than first-time buyers.

When it comes to buying a house, purchasers paid 22.1% more than the average price in the North East (£155,000) in March for a property in Northumberland. Across the North East, property prices are high compared to those across the UK, where the average cost £278,000.

Here’s how the county compares to the North East and UK generally:

Average property price in March

Northumberland: £189,074

The North East: £154,913

UK: £278,436

Annual growth to March

Northumberland: +10.6%

The North East: +8.7%

UK: +9.8%