Summer house prices stall in Northumberland

Land Registry figures show house prices in the area fell by 0.2% in July - but the longer-term trend has seen prices achieve 14.9% growth over the last year.

The average house price in the area in July was £179,705.

Across the North East, prices in July decreased by 3.5% and 3.7% nationally.

Over the last year, the average sale price of property in Northumbertland rose by £23,000 – putting the area fourth among the North East’s 13 local authorities for annual growth.

Owners of detached houses fared worst in Northumberland in July. Values dropped 0.4% to £94,587 on average but, over the last year, prices rose by 16.2%.

The value of a semi-detached home remained level over the month – but this was up 14.2% annually, to an average of £169,575.

The price of terraced homes was down 0.2% monthly – but up 15.1% annually – to an average of £141,162.

Flats prices rose by 0.2% monthly – and were up 10.8% annually – to an average of £94,587.

The figures show first-time buyers in Northumberland spent an average of £146,000 on their property.

That is £18,000 more than a year ago, and £23,000 more than in July 2016.

Buyers paid more for properties in Northumberland than anywhere else in the North East in July.

Across the region, property prices remain low compared to the rest of the UK, where the average cost is £256,000.