Late summer boost for Northumberland home owners

Land Registry data shows house values in the area rose by 4.5% in August – adding to the longer term trend which has still seen property prices in the area grow by 11.3% over the last year.

The average house price in Northumberland in August was £198,486 – and the market in August outperformed that across the North East and nationally, where prices increased by 0.9%.

Over the last year, the average sale price of property in the area has risen by £20,000 as a shortage of properties coming on the market saw prices climb throughout the pandemic.

Experts say expectations have changed significantly in recent weeks amid mortgage rate rises, with the likelihood of it damping down house price rises.

First-time buyers in Northumberland spent an average of £161,000 on their property – £16,000 more than a year ago, and £34,000 more than in August 2017.

Owners of detached houses saw the biggest rise in property prices in Northumberland in August.

Values increased by 4.6%, to an average of £341,447.

Over the last year, prices have risen by 13.6%.

Semi-detached home values were up 4.4% monthly – and 11.3% annually – to an average of £187,953.

The price of a terraced home increased by 4.6% over the month – up 9.9% annually – to an average of £154,079.

Flat prices in the county were up by 4.3% in August – and up six per cent annually – to an average of £98,961.

The average price for a home in the North East in August was £164,395 and, nationally, it was £295,903.

The data also shows that buyers in Northumberland paid 20.7% less than the average price in the North East in August.

The average two-year fixed-rate mortgage on the market has a rate of 6.52% and the average five-year fix is at 6.36%.

Chris Druce, senior research analyst at estate agents Knight Frank, said: “Current activity in the housing market is being shaped by mortgage status.

“With affordability set to be a growing barrier, we forecast house price growth will slow from here, with price falls in 2023.”