Newcastle house prices increased slightly in September
House prices increased slightly, by 0.4%, in Newcastle in September, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.5% over the last year.
The average Newcastle house price in September was £200,572, Land Registry figures show – a 0.4% increase on August.
Over the month, the picture was different to that across the North East, where prices decreased 2%, and Newcastle was above the 0.5% drop for the UK as a whole.
Over the last year, the average sale price of property in Newcastle rose by £6,800 – putting the area fifth 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 9.8%, to £170,000. At the other end of the scale, properties in Middlesbrough lost 3.8% of their value, giving an average price of £140,000.
First steps on the property ladder
First-time buyers in Newcastle spent an average of £172,500 on their property – £5,200 more than a year ago, and £32,300 more than in September 2018.
By comparison, former owner-occupiers paid £229,500 on average in September – 33% more than first-time buyers.
Owners of detached houses saw the biggest rise in property prices in Newcastle in September – they increased 1.6%, to £417,462 on average. Over the last year, prices rose by 10%.
Among other types of property:
How do property prices in Newcastle compare?
Buyers paid 22.8% more than the average price in the North East (£163,000) in September for a property in Newcastle. Across the North East, property prices are low compared to those across the UK, where the average cost is £291,000.
The most expensive properties in the North East were in North Tyneside – £215,000 on average, and 7% in Newcastle. North Tyneside properties cost 1.7 times the price as homes in County Durham (£130,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in September
- Newcastle: £200,572
- The North East:£163,368
- UK: £291,385
Annual change to September
- Newcastle: +3.5%
- The North East: +1.6%
- UK: -0.1%
Highest and lowest annual growth in the North East
- South Tyneside: +9.8%
- Middlesbrough: -3.8%