Newcastle house prices held steady in May

House prices remained steady in Newcastle in May, new figures show.

The lack of movement maintains the longer-term trend, which has seen property prices in the area grow by 5.6% over the last year.

The average Newcastle house price in May was £196,618, Land Registry figures show – largely unchanged from April.

Over the month, the picture was different to that across the North East, where prices decreased 1%.

Over the last year, the average sale price of property in Newcastle rose by £10,000 – putting the area fourth among the North East’s 12 local authorities with price data for annual growth.

The highest annual growth in the region was in Stockton, where property prices increased on average by 8%, to £167,000. At the other end of the scale, properties in Sunderland gained 0.5% in value, giving an average price of £137,000.

First steps on the property ladder

First-time buyers in Newcastle spent an average of £169,100 on their property – £8,200 more than a year ago, and £32,100 more than in May 2018.

By comparison, former owner-occupiers paid £224,700 on average in May – 32.8% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest fall in property prices in Newcastle in May – they dropped 0.2% in price, to £229,746 on average. But over the last year, prices rose by 5.5%.

Among other types of property:

• Detached: up 0.1% monthly; up 10.4% annually; £406,049 average
• Terraced: down 0.1% monthly; up 4.5% annually; £190,519 average
• Flats: up 0.1% monthly; up 4.2% annually; £126,764 average

How do property prices in Newcastle compare?

Buyers paid 23.8% more than the average price in the North East (£159,000) in May for a property in Newcastle. Across the North East, property prices are low compared to those across the UK, where the average cost is £286,000.

The most expensive properties in the North East were in North Tyneside – £207,000 on average, and 5% in Newcastle. North Tyneside properties cost 1.6 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 May

• Newcastle: £196,618
• The North East:£158,779
• UK: £285,861

Annual growth to May

• Newcastle: +5.6%
• The North East: +4%
• UK: +1.9%

Highest and lowest annual growth in the North East

• Stockton: +8%
• Sunderland: +0.5%