The cost of buying a home has continued to rise across the UK, and the North East is no exception.
The average house price in Britain was £292,059 in the 12 months to October, according to the latest figures from the Land Registry. That’s an increase of 3.4% compared to a year earlier, equivalent to an extra £9,670 on each home.
And it’s the same picture in our region. The biggest change in the North East is found in Newcastle, with an average house price of £208,393 and an annual change of 8.8%. Northumberland has seen an 8.2% annual change, with the average house price being £211,778.
At the lower end, South Tyneside has seen a 0.8% annual change, with the average house price being £167,020. Next, Gateshead has seen a 1.3% annual change, with the average house price being £157,952.
Prices are falling in many areas of the country though, with parts of London experiencing the biggest drops. The average home in Kensington and Chelsea cost over £1.1 million in the year to October. That’s a fall of £285,480 per house compared to a year earlier, which works out as a drop of 20.3% and is the largest of any local authority in the UK.
The City of London has seen the next largest drop with homes costing 18.3% less than a year earlier, equivalent to £160,166 per house. Hammersmith and Fulham has the next largest drop at 10.5%, equivalent to £86,825 per home.
Manchester – often seen as the North’s property hotspot with skyscrapers popping up all over the city – has also seen a drop in average prices. The average house in the city cost £253,061 in the year to October according to the Land Registry data. That’s a drop of 2.3% compared to a year earlier, equivalent to each hose costing £5,981 less.
You can see how prices have changed in the North East by using our interactive map:
View news Source: https://www.chroniclelive.co.uk/news/north-east-news/interactive-map-shows-how-house-30713869
