Northumberland house prices stalled in February

House prices in Northumberland took a slight hit in February, according to new figures.

Wednesday, 21st April 2021, 5:47 pm
Updated Wednesday, 21st April 2021, 5:52 pm
House prices in Northumberland stalled in February
House prices in Northumberland stalled in February

But the 0.2% drop in average prices compared to January does not reverse the longer-term trend, which has seen property values in the area grow by 11.9% over the year.

Land Registry figures show the average Northumberland house price in February was £171,421.

Over the month, the picture was similar to that across the North East, where prices decreased 1.6%.

Over the last year, the average sale price of property in the county rose by £18,000.

Owners of detached houses fared worst in February. Values dropped by 0.4% to an average of £286,985 but, over the last year, prices rose by 12.4%.

The value of a semi-detached was down 0.2% on the month – but up 11.5% annually – to an average of £162,146.

Terraced house prices were down 0.1% monthly – but up 12.6% annually to an average of £135,192.

The price of flats was up 0.3% on the month – and 9.1% annually to an average of £91,558.

First-time buyers in Northumberland spent an average of £139,000 on their property – £14,000 more than a year ago, and £21,000 more than in January 2016.

Buyers paid 23.9% more than the average price in the North East – £138,000 - in February for a property in the area.

Across the region, property prices remained low compared to those across the UK, where the average cost £250,000.

The most expensive properties in the North East were in North Tyneside – £176,000 on average,