Newcastle house prices increased slightly in March

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices increased slightly, by 0.6%, in Newcastle in March, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 9.1% annual growth.

The average Newcastle house price in March was £187,242, Land Registry figures show – a 0.6% increase on February.

Over the month, the picture was less good than that across the North East, where prices increased 1.1%, but Newcastle outperformed the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Newcastle rose by £16,000 – putting the area eighth among the North East’s 12 local authorities with price data for annual growth.

The best annual growth in the region was in Sunderland, where property prices increased on average by 14.4%, to £142,000. At the other end of the scale, properties in Gateshead gained just 2.9% in value, giving an average price of £144,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Newcastle in March – they increased 1.8%, to £384,451 on average. Over the last year, prices rose by 16.5%.

Among other types of property:

Semi-detached: up 0.9% monthly; up 10.2% annually; £218,136 averageTerraced: up 0.1% monthly; up 7.3% annually; £180,801 averageFlats: down 0.2% monthly; up 5.3% annually; £122,089 average

First steps on the property ladder

First-time buyers in Newcastle spent an average of £162,000 on their property – £12,000 more than a year ago, and £29,000 more than in March 2017.

By comparison, former owner-occupiers paid £213,000 on average in March – 32.1% more than first-time buyers.

How do property prices in Newcastle compare?

Buyers paid 20.9% more than the average price in the North East (£155,000) in March for a property in Newcastle. Across the North East, property prices are high compared to those across the UK, where the average cost £278,000.

The most expensive properties in the North East were in North Tyneside – £194,000 on average, and 3% more than in Newcastle. North Tyneside properties cost 1.6 times as much as homes in County Durham (£123,000 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 March

Newcastle: £187,242The North East:£154,913UK: £278,436

Annual growth to March

Newcastle: +9.1%The North East: +8.7%UK: +9.8%

Best and worst annual growth in the North East

Sunderland: +14.4%Gateshead: +2.9%