Northumberland house prices take end of year hit

House prices in Northumberland took and end of the year hit, according to new figures.
House prices fallHouse prices fall
House prices fall

The 1.6% drop in prices in December does not reverse the longer-term trend, which has seen property prices in the area achieve 4.2% annual growth.

Land Registry figures show the average house price in Northumberland in December was £177,233.

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Over the month, that was worse than across the North East, where prices decreased by 1.5% – to an average of £147,000 - and below the average rise of 0.8% nationally.

Over the last year, the average sale price of property in the area rose by £7,100.

Owners of flats fared worst in Northumberland in December. Prices dropped by 2.8% to an average of £89,214.

Over the last year, prices dropped by 2.2%.

The value of a detached home in the area was down by 0.7% monthly – but up 8.6% annually – to an average of £309,336.

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Semi-detached home values fell by 1.8% over the month – but were up 3.7% annually – to an average of £166,593.

Terraced house prices fell by 1.9% over the month – up 1.4% annually – to an average of £136,137.

First-time buyers in Northumberland spent an average of £142,700 on their property – £4,400 more than a year ago, and £20,200 more than in December 2016.

The figures also show buyers in the area paid 20.4% more than the average price in the North East for a property.

Nationally the average price of a home in December was £275,000.