Newcastle house prices increased more than North East average in April

House prices increased by 2.5% – more than the average for the North East – in Newcastle in April, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 7.6% over the last year.

The average Newcastle house price in April was £198,068, Land Registry figures show – a 2.5% increase on March.

Over the month, the picture was different to that across the North East, where prices increased 1.8%, and Newcastle was above the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Newcastle rose by £14,000 – putting the area third among the North East’s 12 local authorities with price data for annual growth.

The highest annual growth in the region was in Darlington, where property prices increased on average by 8.1%, to £162,000. At the other end of the scale, properties in Sunderland lost 0.4% of their value, giving an average price of £136,000.

First steps on the property ladder

First-time buyers in Newcastle spent an average of £170,000 on their property – £11,000 more than a year ago, and £32,000 more than in April 2018.

By comparison, former owner-occupiers paid £226,000 on average in April – 32.8% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Newcastle in April – they increased 3.5%, to £411,492 on average. Over the last year, prices rose by 13.1%.

Among other types of property:

How do property prices in Newcastle compare?

Buyers paid 23.9% more than the average price in the North East (£160,000) in April for a property in Newcastle. Across the North East, property prices are low compared to those across the UK, where the average cost £286,000.

The most expensive properties in the North East were in North Tyneside – £204,000 on average, and 3% in Newcastle. North Tyneside properties cost 1.6 times the price as homes in County Durham (£128,000 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 April

• Newcastle: £198,068
• The North East:£159,900
• UK: £286,489

Annual growth to April

• Newcastle: +7.6%
• The North East: +5.5%
• UK: +3.5%

Highest and lowest annual growth in the North East

• Darlington: +8.1%
• Sunderland: -0.4%