£14,000 boost for Northumberland home owners

House prices jumpHouse prices jump
House prices jump
House buyers had to fork out at least £14,000 more for homes in Northumberland last year, according to new figures.

The Office for National Statistics data shows the median house price hit £182,000 in the county in the year to June – an annual increase of £14,500 – and the figures also reveal the most expensive areas.

The areas in Northumberland which recorded the highest average house prices in the year to June were:

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*Darras Hall, Stamfordham and Heddon: £490,000 – up from £436,000 in 2019-20

*Longhorsley, Hepscott and Capheaton: £393,000 – up from £275,000

*Stocksfield, Riding Mill and Corbridge: £375,000 – an increase from £275,000

*Ponteland: £356,000 – rising from £280,000

*Longhoughton and Alnmouth: £295,000 – up from £269,000

By contrast, the area recording the lowest average house price was Ashington Hirst, where homes sold for around £56,500 in 2020-21.

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The figures also show the number of homes sold in Northumberland rose year-on-year, from 4,569 to 4,765.

The largest proportion were in Amble, Shilbottle and Swarland, where 245 homes changed hands in the period.

Nationally, residential property sales increased by 10% to 761,067.

Martin Beck, chief economic adviser of economic forecasting group EY Item Club, said home owners should not bank on these increases continuing into 2022.

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He said: “The prospect of a series of interest rate rises by the Bank of England will translate into higher mortgage rates.

“Cost of living pressures faced by households from rising inflation and taxes will mean fewer people will be able to afford to borrow the necessary amount they need to buy at higher mortgage rates.”