Newcastle house prices increased slightly in October

House prices increased slightly, by 0.9%, in Newcastle in October, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.7% over the last year.

The average Newcastle house price in October was £202,727, Land Registry figures show – a 0.9% increase on September.

Over the month, the picture was different to that across the North East, where prices remained static, and Newcastle was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Newcastle rose by £9,000 – 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 South Tyneside, where property prices increased on average by 12.2%, to £172,000. At the other end of the scale, properties in Middlesbrough lost 3.3% of their value, giving an average price of £141,000.

First steps on the property ladder

First-time buyers in Newcastle spent an average of £174,400 on their property – £7,100 more than a year ago, and £33,800 more than in October 2018.

By comparison, former owner-occupiers paid £231,900 on average in October – 33% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Newcastle in October – they increased 1.9%, to £418,686 on average. Over the last year, prices rose by 10.2%.

Among other types of property:

How do property prices in Newcastle compare?

Buyers paid 25.7% more than the average price in the North East (£161,000) in October 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 – £215,000 on average, and 6% in Newcastle. North Tyneside properties cost 1.7 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, at £1.4 million.

Factfile

Average property price in October

• Newcastle: £202,727
• The North East:£161,237
• UK: £287,782

Annual change to October

• Newcastle: +4.7%
• The North East: +0.2%
• UK: -1.2%

Highest and lowest annual growth in the North East

• South Tyneside: +12.2%
• Middlesbrough: -3.3%