Newcastle house prices increased slightly in July

By Marieta Marinova, Data Reporter
Published 21st Sep 2023, 11:20 BST
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
House prices increased slightly, by 0.3%, in Newcastle in July, new figures show.

House prices increased slightly, by 0.3%, in Newcastle in July, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 5.4% over the last year.

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The average Newcastle house price in July was £195,548, Land Registry figures show – a 0.3% increase on June.

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

Over the last year, the average sale price of property in Newcastle rose by £10,000 – 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 Hartlepool, where property prices increased on average by 9.4%, to £142,000. At the other end of the scale, properties in Darlington gained 0.7% in value, giving an average price of £159,000.

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First steps on the property ladder

First-time buyers in Newcastle spent an average of £168,300 on their property – £7,800 more than a year ago, and £29,100 more than in July 2018.

By comparison, former owner-occupiers paid £223,500 on average in July – 32.9% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Newcastle in July – they increased 0.6%, to £400,017 on average. Over the last year, prices rose by 10%.

Among other types of property:

Semi-detached:
Terraced:
Flats:

How do property prices in Newcastle compare?

Buyers paid 19.6% more than the average price in the North East (£163,000) 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 is £290,000.

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The most expensive properties in the North East were in North Tyneside – £207,000 on average, and 6% in Newcastle. North Tyneside properties cost 1.6 times the price as homes in County Durham (£129,000 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 July

  • Newcastle: £195,548
  • The North East:£163,480
  • UK: £289,824

Annual growth to July

  • Newcastle: +5.4%
  • The North East: +2.7%
  • UK: +0.6%

Highest and lowest annual growth in the North East

  • Hartlepool: +9.4%
  • Darlington: +0.7%