Newcastle house prices dropped more than North East average in November

House prices dropped by 2.1% – more than the average for the North East – in Newcastle in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.1% over the last year.

The average Newcastle house price in November was £193,032, Land Registry figures show – a 2.1% decrease on October.

Over the month, the picture was different to that across the North East, where prices decreased 0.2%, and Newcastle was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Newcastle rose by £130 – putting the area sixth among the North East’s 12 local authorities with price data for annual growth.

The highest annual growth in the region was in South Tyneside, where property prices increased on average by 7.9%, to £172,000. At the other end of the scale, properties in Darlington lost 3.9% of their value, giving an average price of £156,000.

First steps on the property ladder

First-time buyers in Newcastle spent an average of £166,190 on their property – £580 less than a year ago, but £24,990 more than in November 2018.

By comparison, former owner-occupiers paid £220,620 on average in November – 32.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Newcastle in November – they dropped 2.7% in price, to £187,728 on average. Over the last year, prices dropped by 1.2%.

Among other types of property:

• Detached: down 1.6% monthly; up 4.1% annually; £395,888 average
• Semi-detached: down 2.2% monthly; up 0.4% annually; £226,681 average
• Flats: down 1.5% monthly; down 0.7% annually; £124,076 average

How do property prices in Newcastle compare?

Buyers paid 20.7% more than the average price in the North East (£160,000) in November for a property in Newcastle. Across the North East, property prices are low compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the North East were in North Tyneside – £210,000 on average, and 9% in Newcastle. North Tyneside properties cost 1.7 times the price as homes in County Durham (£127,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in November

• Newcastle: £193,032
• The North East:£159,871
• UK: £284,950

Annual change to November

• Newcastle: +0.1%
• The North East: -0.4%
• UK: -2.1%

Highest and lowest annual growth in the North East

• South Tyneside: +7.9%
• Darlington: -3.9%