Prices boost for Northumberland home owners

House prices in Northumberland increased by five per cent – well above the average for the North East – in the final months of last year, new figures show.

By Katie Williams,
Wednesday, 20th January 2021, 4:05 pm
Prices boost for Northumberland home owners
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.

Over 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.

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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%.

The 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.