The housing market in the North East of the UK has been subject to fluctuations over the past year, according to recent analysis by Pinerock Finance on data from the Land Register. The average price of a residential house in the North East during January was £151,000, compared to December's average of £148,750, representing a change of 1.51%. This increase is in contrast to the national average of a -1.69% change, where the average residential house price in England and Wales during January was £275,275.
When we compare the average values for different property types in the North East between December and January, we see that detached properties remained stable, whereas semi-detached properties saw an increase in price from £160,000 to £165,000. On the other hand, terraced houses saw a decrease in price from £110,000 to £103,000, and flats saw a considerable increase in price from £96,000 to £108,500.
The prices in different towns and cities in the North East region showed a mixed picture. Newcastle Upon Tyne's average residential house price in January was £187,000, compared to the previous month's average of £190,000, representing a change of -1.58%. The average price of a house in Newcastle Upon Tyne 12 months ago was £160,000, a difference of 14.4%.
In Middlesbrough, the average residential house price in January was £90,000, compared to the previous month's average of £122,000, representing a change of -26.23%. The average price of a house in Middlesbrough 12 months ago was £120,000, a difference of -33.3%.
In Sunderland, the average residential house price in January was £141,000, compared to the previous month's average of £131,225, representing a change of 7.45%. The average price of a house in Sunderland 12 months ago was £130,000, a difference of 7.8%.
In Stockton-on-Tees, the average residential house price in January was £178,750, compared to the previous month's average of £165,000, representing a change of 8.33%. The average price of a house in Stockton-on-Tees 12 months ago was £141,000, a difference of 21.1%.
Finally, in Hartlepool, the average residential house price in January was £125,500, compared to the previous month's average of £132,000, representing a change of -4.92%. The average price of a house in Hartlepool 12 months ago was £85,000, a difference of 32.3%.
Overall, the UK property market remains in a state of falling prices, and the cost of living crisis and rise in interest rates are causing buyers to be hesitant to enter into negotiations. However, with the belief that interest rates are nearing their peak, the outlook for the next few months seems slightly more optimistic. Buyers can still find good deals in certain regions and on specific property types. It is important to keep a close eye on trends in the local and national housing markets, and to seek advice from property experts before making any decisions.