Summer boost for Northumberland home owners
Home owners in Northumberland got a summer bonus as house prices rose, according to new figures.
Land Registry figures show prices in the area increased in June – contributing to the longer-term trend, which has seen property prices in the area achieve 17.4% annual growth.
The average house price in the area in June was £181,776 – up 6.3% on May and above the North East average of 5.9%, and the 4.5% rise nationally.
Over the last year, the average sale price of property in the area rose by £27,000.
Owners of terraced houses saw the biggest improvement in property prices in June. They increased 6.4%, to £142,538 on average – an annual rise of 17.5%.
The price of detached homes rose by 6.3% monthly – 19% annually – to an average of £308,452.
Semi-detached home prices rose by 6.1% over the month – up 16.4% annually – to an average of £171,110.
The value of flats increased by 6% monthly – 13.4% annually – to an average of £95,265.
First-time buyers in Northumberland spent an average of £148,000 on their property – £21,000 more than a year ago, and £28,000 more than in June 2016.
The average house price in the North East in June was £150,000 – but property prices the region remain low low compared to the national average of average £266,000.
The best annual growth in the region in June was in Redcar and Cleveland, where property prices increased on average by 19.7%, to £139,000.
The highest property prices nationally were in Kensington and Chelsea, with an average June sale price of £1.2million.