Newcastle house prices 2022: how much have sale prices gone up according to Land Registry - will they go down?

The Office of National Statistics has released its findings on how much property prices have risen across the UK in 2022.

The findings show how much prices have changed for England as a whole, as well as within local areas including Newcastle.

So, how much have house prices risen in Newcastle?

Here’s everything you need to know about the latest statistics surrounding property prices.

What is the UK House Price Index?

The UK House Price Index is calculated by the Office for National Statistics and Land & Property Services Northern Ireland.

Data for the UK House Price Index is provided by HM Land Registry, Registers of Scotland, The Land & Property Services/Northern Ireland Statistics & Research Agency and the Valuation Office Agency.

You can find out more about the methodology used by the Office for National Statistics to determine the 2022 results on the government website.

What are the largest and smallest price changes in England?

The index points out which types of properties have seen the largest and smallest increase in price.

The information was released in a statement from the Office for National Statistics, it reads:

“Across England, detached houses showed the largest increase out of all property types, growing by 14.2% in the year to April 2022 to £471,000.

“The lowest annual change was in flats and maisonettes which increased by 7% in the year to April 2022 to £248,000.

“As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.”

How much have house prices risen in England?

For England the annual price change of a property was a 11.9% increase in the year to April 2022. The monthly price change of a property in England was 0.8%.

This was an increase from the last measurement taken in March 2022 and the result was a 9.7% increase.

The SouthWest was the fastest growing region with annual growth of 14.1% in the year to April 2022. The lowest annual growth was in London, where prices increased by 7.9% over the year to April 2022.

How much have house prices risen in Newcastle?

For Newcastle prices have seen a 6.8% increase from April 2021 to April 2022.

In April 2021 the average property price in Newcastle was £171,932. This has since increased to £183, 593 as of April 2022.

How much have house prices risen in Gateshead?

For Gateshead prices have seen a 5.4% increase from April 2021 to April 2022.

In April 2021 the average property price in Newcastle was £140, 988. This has since increased to £148, 534 as of April 2022.

How much have house prices risen in North Tyneside?

For North Tyneside prices have seen an 8.8% increase from April 2021 to April 2022.

In April 2021 the average property price in Newcastle was £178, 997. This has since increased to £194, 803 as of April 2022.

How much have house prices risen in South Tyneside?

For South Tyneside  prices have seen an 8.2% increase from April 2021 to April 2022.

In April 2021 the average property price in Newcastle was £144,723. This has since increased to £156,586 as of April 2022.

Why have house prices risen?

The sharp increase in prices is due to many factors, one of them being the lack of supply to meet the demand.

Property purchasing has become competitive in recent years, particularly since the coronavirus lockdown.

Following the lockdown there was a huge increase in people looking to buy homes.

When will house prices come down?

Prices would come back down if the prospect of the UK heading into lockdown a recession comes to fruition.

However, a recession would cause issues in the economy elsewhere so weather or not people would be able to buy homes would still be very much up for debate.

According to the Office for National Statistics (ONS), during the house market crash of 2008, the average UK house price dropped by 15%.

Where are the cheapest and most expensive places to live in the UK?

According to the April 2022 findings, the most expensive area to purchase a property was Kensington and Chelsea, where the average cost was £1.5 million. In contrast, the cheapest area to purchase a property was Burnley, where the average cost was £119,000.

More information on the April 2022 index can be found on the government website.