Newcastle house prices increased in July

House prices increased by 1.4% in Newcastle in July, new figures show.
File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.
File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.

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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The 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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Owners 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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Buyers 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%