Prices boost for Northumberland home owners
The November boost contributed to a longer-term trend which has seen property prices in the area achieve 16.2% annual growth – the highest in the North East – bringing the average price of a house in Northumberland to £177,394, according to Land Registry figures.
The increase on October prices was better than that across the North East, where prices increased 2.6%, and the market in in Northumberland also easily outperformed the 1.2% rise nationally.
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Hide AdOver the last year, the average sale price of property in Northumberland rose by £25,000 – putting the area top among the North East’s 13 local authorities for annual growth.
At the other end of the scale, properties in Sunderland lost 1.5% of their value, giving an average price of £116,000.
Owners of detached houses saw the biggest improvement in property prices in Northumberland in November.
Their value increased by 5.1% month-on-month to an average of £300,257 – an annual rise of 17.9%.
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Hide AdThe price of a semi-detached home rose by 4.8% on the month – and up 16% annually – to an average of £167,664.
The value of flats in the area rose by 4.8% over the month – and up 11.1% annually – to an average of £93,458.
First-time buyers in the area spent £144,000 on their property – £19,000 more than a year ago, and £23,000 more than in October 2015.