Newcastle house prices increased more than North East average in August

House prices increased by 4% – more than the average for the North East – in Newcastle in August, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 8.2% over the last year – the highest in the North East.

The average Newcastle house price in August was £204,356, Land Registry figures show – a 4% increase on July.

Over the month, the picture was different to that across the North East, where prices increased 1.3%, and Newcastle was above the 0.3% rise 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 top among the North East’s 12 local authorities with price data for annual growth.

At the other end of the scale, properties in Middlesbrough lost 1.3% of their value, giving an average price of £140,000.

First steps on the property ladder

First-time buyers in Newcastle spent an average of £176,000 on their property – £13,000 more than a year ago, and £35,000 more than in August 2018.

By comparison, former owner-occupiers paid £233,000 on average in August – 32.7% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Newcastle in August – they increased 4.2%, to £239,112 on average. Over the last year, prices rose by 8.4%.

Among other types of property:

• Detached: up 4.2% monthly; up 13.3% annually; £418,541 average
• Terraced: up 4% monthly; up 6.7% annually; £199,002 average
• Flats: up 3.6% monthly; up 6.8% annually; £131,488 average

How do property prices in Newcastle compare?

Buyers paid 23.6% more than the average price in the North East (£165,000) in August for a property in Newcastle. Across the North East, property prices are low compared to those across the UK, where the average cost is £291,000.

The most expensive properties in the North East were in North Tyneside – £217,000 on average, and 6% in Newcastle. North Tyneside properties cost 1.7 times the price as homes in County Durham (£130,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

• Newcastle: £204,356
• The North East:£165,366
• UK: £291,044

Annual growth to August

• Newcastle: +8.2%
• The North East: +3.6%
• UK: +0.2%

Highest and lowest annual growth in the North East

• Newcastle: +8.2%
• Middlesbrough: -1.3%