Newcastle house prices increased more than North East average in January

House prices increased by 2.6% – more than the average for the North East – in Newcastle in January, new figures show.
EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.
EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.

House prices increased by 2.6% – more than the average for the North East – in Newcastle in January, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 9.9% annual growth.

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The average Newcastle house price in January was £185,610, Land Registry figures show – a 2.6% increase on December.

Over the month, the picture was better than that across the North East, where prices increased 1.7%, and Newcastle outperformed the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Newcastle rose by £17,000 – putting the area fifth among the North East’s 12 local authorities with price data for annual growth.

The best annual growth in the region was in Hartlepool, where property prices increased on average by 12.6%, to £130,000. At the other end of the scale, properties in Gateshead gained just 3.3% in value, giving an average price of £141,000.

Winners and Losers

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Owners of terraced houses saw the biggest improvement in property prices in Newcastle in January – they increased 2.7%, to £180,733 on average. Over the last year, prices rose by 9%.

Among other types of property:

Detached: up 2.2% monthly; up 16.3% annually; £373,145 averageSemi-detached: up 2.7% monthly; up 11% annually; £215,727 averageFlats: up 2.6% monthly; up 5.6% annually; £121,871 average

First steps on the property ladder

First-time buyers in Newcastle spent an average of £160,000 on their property – £13,000 more than a year ago, and £21,000 more than in January 2017.

By comparison, former owner-occupiers paid £212,000 on average in January – 32.3% more than first-time buyers.

How do property prices in Newcastle compare?

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Buyers paid more for properties in Newcastle than anywhere else in the North East in January. The average price paid would buy 1.6 homes in County Durham (£119,000), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Across the North East, property prices are low compared to those across the UK, where the average cost £274,000.

Factfile

Average property price in January

Newcastle: £185,610The North East:£150,787UK: £273,762

Annual growth to January

Newcastle: +9.9%The North East: +8.3%UK: +9.6%

Best and worst annual growth in the North East

Hartlepool: +12.6%Gateshead: +3.3%