Summer price boost for home owners

House prices in the area increased by 0.3% in June - to an average of £184,081, Land Registry figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 2.9%% over the last year.

Over the month, the picture was different to that across the North East, where prices increased 1.7%, and the Northumberland market was also above the one per cent national rise in prices.

The data also shows that over the last year, the average sale price of property in Northumberland rose by £5,200.

Experts say an imbalance between supply and demand for properties is the primary reason behind house prices climbing throughout the pandemic.

First-time buyers in Northumberland spent an average of £149,300 on their property – £3,700 more than a year ago, and £26,200 more than in June 2017.

Owners of terraced houses saw the biggest rise in property prices in Northumberland in June.

Values increased by 0.8%, to £143,825 on average. Over the last year, prices rose by two per cent.

Prices paid for a detached home fell by 0.4% over the month – but remained up by 4.6% annually – to an average of £314,657.

The value of a semi-detached increased by 0.4% monthly – and up 3.1% annually – to an average of £174,119.

The price of flats fell by 0.6% over the month – and down two per cent annually – to an average of £92,505.

The average house price in the North East was £158,000 in June.