Pre-Christmas boost for home owners

Home owners in Northumberland got a little pre-Christmas present from the housing market, new figures show.

House prices rise
House prices rise

The latest Land Registry figures show house prices in the area increased by 0.6%, in November - contributing to the longer-term trend, which has seen property prices in the area grow by 8.8% annually – £15,000.

The average house price in November was £182,638.

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Over the month, the picture was less good than that across the North East, where prices increased 1.8%, and the area also underperformed compared to a national 1.2% rise.

Owners of detached houses saw the biggest improvement in property prices in Northumberland in November – as prices increased 0.9%, to an average of £315,815 – up over the last year by 12.2%.

The Value of a semi-detached rose by 0.6% in November - up 8.7% annually to £172,497 on average.

Prices for terraced homes rose by 0.4% monthly – up 6.4% annually – to an average of £140,658.

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The value of flats also went up by 0.4% over the month - up 3.5% annually – to £93,099 on average.

First-time buyers in Northumberland spent an average of £147,000 on their property – £11,000 more than a year ago, and £24,000 more than in November 2016.

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Buyers in the area paid 22.4% more than the average price in the North East – £149,000 - in November.

Average North East property prices are still below the national average of £271,000.

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The most expensive properties in the North East were in North Tyneside – at £192,000 on average.