Newcastle house prices increased in July
House prices increased by 1.4% in Newcastle in July, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 9.3% annual growth.
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Hide AdThe average Newcastle house price in July was £175,973, Land Registry figures show – a 1.4% increase on June.
Over the month, the picture was better than that across the North East, where prices decreased 3.5%, and Newcastle outperformed the 3.7% drop for the UK as a whole.
Over the last year, the average sale price of property in Newcastle rose by £15,000 – putting the area eighth among the North East’s 13 local authorities for annual growth.
The best annual growth in the region was in Darlington, where property prices increased on average by 16.4%, to £147,000. At the other end of the scale, properties in Gateshead gained 3.4% in value, giving an average price of £135,000.
Winners and Losers
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Hide AdOwners of semi-detached houses saw the biggest improvement in property prices in Newcastle in July – they increased 1.7%, to £203,860 on average. Over the last year, prices rose by 9.7%.
Among other types of property:
Detached: up 0.7% monthly; up 11.6% annually; £341,692 averageTerraced: up 1.5% monthly; up 9.9% annually; £172,133 averageFlats: up 1.4% monthly; up 6.2% annually; £117,954 average
First steps on the property ladder
First-time buyers in Newcastle spent an average of £152,000 on their property – £12,000 more than a year ago, and £15,000 more than in July 2016.
By comparison, former owner-occupiers paid £199,000 on average in July – 30.8% more than first-time buyers.
How do property prices in Newcastle compare?
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Hide AdBuyers paid 21.4% more than the average price in the North East (£145,000) in July for a property in Newcastle. Across the North East, property prices are low compared to those across the UK, where the average cost £256,000.
The most expensive properties in the North East were in Northumberland – £180,000 on average, and 2% in Newcastle. Northumberland properties cost 1.5 times as much as homes in Hartlepool (£117,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).
Factfile
Average property price in July
Newcastle: £175,973The North East:£144,935UK: £255,535
Annual growth to July
Newcastle: +9.3%The North East: +10.8%UK: +8%
Best and worst annual growth in the North East
Darlington: +16.4%Gateshead: +3.4%