House prices dropped slightly, by 0.1%, in Newcastle in March, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 5% over the last year.
The average Newcastle house price in March was £193,150, Land Registry figures show – a 0.1% decrease on February.
Over the month, the picture was different to that across the North East, where prices decreased 1.6%, and Newcastle was above the 1.2% drop for the UK as a whole.
Over the last year, the average sale price of property in Newcastle rose by £9,200 – putting the area 11th among the North East’s 12 local authorities with price data for annual growth.
The highest annual growth in the region was in North Tyneside, where property prices increased on average by 11.4%, to £212,000. At the other end of the scale, properties in Sunderland gained 3.3% in value, giving an average price of £139,000.
First steps on the property ladder
First-time buyers in Newcastle spent an average of £166,300 on their property – £7,200 more than a year ago, and £29,300 more than in March 2018.
By comparison, former owner-occupiers paid £220,500 on average in March – 32.6% more than first-time buyers.
Owners of terraced houses saw the biggest fall in property prices Newcastle in March – they dropped 0.7% in price, to £187,377 on average. But over the last year, prices rose by 4.5%.
Among other types of property:
- Detached: up 1.4% monthly; up 9.4% annually; £399,299 average
- Semi-detached: down 0.1% monthly; up 5% annually; £225,990 average
- Flats: down 0.1% monthly; up 2.7% annually; £124,112 average
How do property prices in Newcastle compare?
Buyers paid 23.1% more than the average price in the North East (£157,000) in March for a property in Newcastle. Across the North East, property prices are high compared to those across the UK, where the average cost £285,000.
The most expensive properties in the North East were in North Tyneside – £212,000 on average, and 10% more than in Newcastle. North Tyneside properties cost 1.6 times as much as homes in County Durham (£129,000 average), at the other end of the scale.
The highest property prices across the UK were in E09000020.
Average property price in March
- Newcastle: £193,150
- The North East:£156,912
- UK: £285,009
Annual growth to March
- Newcastle: +5%
- The North East: +4%
- UK: +4.1%
Highest and lowest annual growth in the North East
- North Tyneside: +11.4%
- Sunderland: +3.3%