House prices fall offset by annual increases

House prices in Northumberland took a slight Autumn hit but owners are still looking at a 10% rise in values over the year, according to new figures.

Land Registry figures show prices in the area dropped in September, but the longer-term trend has seen values achieve a 10.3% annual growth.

The average house price in Northumberland in September was £179,061 – down 1.7% on August and worse than across the North East, where prices increased by 3.8%.

The housing market in the area also underperformed compared to the 2.5% national rise in prices but, over the last year, the average sale price of property in Northumberland rose by £17,000.

Owners of flats fared worst in Northumberland in September. Prices dropped by to an average of £92,388 but, over the last year, prices rose by 5.9%.

The price of a detached home fell by 1.1% over the month – but was up 12.2% annually – to an average of £305,601.

Semi-detached home prices were down 1.8% monthly – but up 10% annually – to an average of £169,317.

The price of a terraced home fell by two per cent over the month – but up 9.4% annually – to an average of £139,406.

The figures show first-time buyers in Northumberland spent an average of £145,000 on their property – £13,000 more than a year ago, and £20,000 more than in September 2016.

On average, buyers paid 17.2% more than the average price in the North East – £153,000 - in September for a property in Northumberland.