Summer boost for Northumberland home owners

New figures from the Land Registry show prices in the area increased by 1.7% in July – adding to the longer-term trend, which has seen property values achieve an annual growth rate of 5.3%.

The figures show the average price paid for a house in the area in July was £187,700.

Over the month, the 1.7% rise was less than across the North East, where prices increased by 3.7%, and below the two per cent rise for the market nationally.

The data shows that, over the last year, the average sale price of property in Northumberland has risen by £9,400.

Owners of terraced houses saw the biggest improvement in property prices in Northumberland in July. Values increased 1.8%, to an average of £146,816 – up 4.6% over the year.

Detached home prices rose by 1.5% over the month – and were up 6.9% annually – to an average of £320,282.

The value of a semi-detached home was up by 1.8% monthly – a 5.4% annual increase – to £177,797 on average.

Flat prices rose by 1.5% monthly – up 0.2% annually – to an average of £94,132.

First-time buyers in Northumberland spent an average of £152,200 on their property – £7,000 more than a year ago, and £28,300 more than in July 2017.

Buyers paid 15% more than the average price in the North East – £163,000 – in July for a property in Northumberland.