Spring boost for Northumberland house prices

Home owners in Northumberland got a Spring price boost in March, new figures show.

By Katie Williams
Thursday, 19th May 2022, 1:33 pm
House prices rise again.
House prices rise again.

The 1.4% rise in property values adds to the longer-term trend which has seen prices in the area achieve 10.6% annual growth.

New Land Registry figures show the average house price in the area in March was £189,074 – outperforming the North East market, where prices increased 1.1%, and the 0.3% rise nationally.

The figures also show that, over the last year, the average sale price of property in Northumberland rose by £18,800.

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Owners of detached houses in the area saw the biggest improvement in property prices in March. Prices increased by 1.8%, to an average of £328,449 – an annual rise of 14.1%.

The price of a semi-detached home was up by 1.6% over the month – up 10.6% annually – to an average of £178,550.

Terraced home prices increased by 1.1% on the month – up 8.2% annually – to an average of £145,406.

The value of flats rose by 0.7% in March – up 4.8% annually – to an average of £94,993.

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.

The figures also show buyers in Northumberland paid 22.1% more than the average price in the North East – £155,000 - in March.

North East, property prices remain lower than the national average.

The average price of a house in the UK rose to £278,000 in March.