Newcastle house prices increased slightly in June
House prices increased slightly, by 0.2%, in Newcastle in June, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 6.4% over the last year.
The average Newcastle house price in June was £195,765, Land Registry figures show – a 0.2% increase on May.
Over the month, the picture was different to that across the North East, where prices increased 1.8%, and Newcastle was lower than the 0.7% rise for the UK as a whole.
Over the last year, the average sale price of property in Newcastle rose by £12,000 – putting the area second among the North East’s 12 local authorities with price data for annual growth.
The highest annual growth in the region was in Northumberland, where property prices increased on average by 7.1%, to £195,000. At the other end of the scale, properties in Darlington gained 0.9% in value, giving an average price of £159,000.
First steps on the property ladder
First-time buyers in Newcastle spent an average of £168,600 on their property – £9,400 more than a year ago, and £29,400 more than in June 2018.
By comparison, former owner-occupiers paid £223,400 on average in June – 32.5% more than first-time buyers.
Owners of terraced houses saw the biggest rise in property prices in Newcastle in June – they increased 0.4%, to £190,000 on average. Over the last year, prices rose by 5.1%.
Among other types of property:
- Detached: down 0.4% monthly; up 10.4% annually; £398,938 average
- Semi-detached: up 0.1% monthly; up 6.5% annually; £228,874 average
- Flats: up 0.4% monthly; up 5.2% annually; £126,736 average
How do property prices in Newcastle compare?
Buyers paid 21.6% more than the average price in the North East (£161,000) in June for a property in Newcastle. Across the North East, property prices are low compared to those across the UK, where the average cost is £288,000.
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 (£128,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.
Average property price in June
- Newcastle: £195,765
- The North East:£161,034
- UK: £287,546
Annual growth to June
- Newcastle: +6.4%
- The North East: +4.7%
- UK: +1.7%
Highest and lowest annual growth in the North East
- Northumberland: +7.1%
- Darlington: +0.9%