Happy new year for Northumbeland home owners

Property prices increased in the area in January, according to new Land Registry figures – and contributed to the longer-term trend, which has seen values in the area rise by an impressive 13.7% annually.

The average price of a house in Northumberland in January was £172,816, – which was a 0.4% increase on December’s figures.

Over the month, the picture was much better than that across the North East, where prices decreased 1.3%, and the house market in Northumberland also performed better better than the 0.5% drop seen nationally.

Over the last year, the average sale price of property in Northumberland rose by £21,000 – putting the area top among the North East’s 13 local authorities for annual growth.

At the other end of the scale, properties in Hartlepool lost 2.5% of their value, giving an average price of £108,000.

Owners of semi-detached houses in the county saw the biggest improvement in property prices. They increased by 0.7%, to an average of £163,743.

Over the last year, prices rose by 13.5%.

The price of detached homes rose by 0.3% on the month -up 14.8% annually – to an average of £290,828.

The value of terraced properties rose by 0.4% monthly - up 14% annually to an average of £135,737.

The price of flats fell by 0.4% on the month to an average of £90,981 – but this was still a rise of 9% annually.

First-time buyers in Northumberland spent an average of £140,000 on their property – £16,000 more than a year ago, and £21,000 more than in December 2015.

Buyers in the area paid 25.1% more than the average house price in the North East – £138,000 - in January but, regional property prices remain comparatively low compared to those across the UK, where the average cost is £249,000.

The most expensive properties in the North East were in North Tyneside – £178,000 on average.

The highest property prices across the UK were in Kensington and Chelsea, where the average January sale price was £1.3m.