Newcastle house prices increased in December

House prices increased by 1.4% in Newcastle in December, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.6% over the last year – the highest in the North East.

The average Newcastle house price in December was £199,817, Land Registry figures show – a 1.4% increase on November.

Over the month, the picture was different to that across the North East, where prices decreased 1.2%, and Newcastle was above the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Newcastle rose by £8,800 – putting the area top among the North East’s 12 local authorities with price data for annual growth.

At the other end of the scale, properties in Hartlepool lost 7.8% of their value, giving an average price of £124,000.

First steps on the property ladder

First-time buyers in Newcastle spent an average of £172,200 on their property – £6,900 more than a year ago, and £31,700 more than in December 2018.

By comparison, former owner-occupiers paid £228,000 on average in December – 32.4% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Newcastle in December – they increased 2.4%, to £410,326 on average. Over the last year, prices rose by 9.1%.

Among other types of property:

How do property prices in Newcastle compare?

Buyers paid 26.8% more than the average price in the North East (£158,000) in December 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 5% in Newcastle. North Tyneside properties cost 1.7 times the price as homes in Hartlepool (£124,000 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 December

• Newcastle: £199,817
• The North East:£157,557
• UK: £284,691

Annual change to December

• Newcastle: +4.6%
• The North East: -0.8%
• UK: -1.4%

Highest and lowest annual growth in the North East

• Newcastle: +4.6%
• Hartlepool: -7.8%