Prices boost for Northumberland home owners

Land Registry figures show prices increased by over two per cent in March – adding to the longer-term trend, which has seen property prices in the area grow by 14.2% over the year.

The average house price in the area in March was £177,536 – 2.4% up on February.

In the North East housing market prices increased by three per cent and, nationally, there was an 1.8% rise.

Over the last year, the average sale price of property in Northumberland rose by £22,000.

Owners of detached houses saw the biggest improvement in property prices in Northumberland in March – increasing by 2.6% to an average of £299,341.

Over the last year, prices rose by 15.2%.

The price of a semi-detached rose by 2.1% monthly – up 13.5% annually to an average of £167,367.

The value of a terraced home increased by 2.5% monthly – up 14.9% annually – to an average of £139,834.

Flat prices increased by 1.9% on the month to an average of £93,534 – up 10.1% annually.

First-time buyers in Northumberland spent an average of £144,000 on their property – £17,000 more than a year ago, and £24,000 more than in March 2016.

The figures show the average price of a home in the North East was £146,000 in March.

In the region, property prices remained low compared to those across the UK, where the average cost £256,000.