House prices in one part of the North East have risen by £20,000 in just one year we can reveal.
Using the most recent year-on-year Government figures, the average selling price for a house in Northumberland was £174,053 in May, up from £153,760 in May 2020, a £20,293 increase.
The Northumberland figure represents a 13.2% rise which isn’t the highest percentage increase in the North East.
In County Durham, house prices rose year-on-year by £16,644 to £115,874 which adds up to a 16.8% increase.
Elsewhere, Darlington saw a 13.8% increase, South Tyneside 13.5%, in Gateshead it was 10.8%, North Tyneside 9.8%, Newcastle 9% and finally Sunderland at 8.7%.
Research from the national estate agent, Keller Williams UK, has revealed where across the UK, homeowners have seen the biggest cash boost in property values in just a single year.
The analysis of Land Registry data found that the average UK homeowner has seen a cash boost of £23,116 in just 12 months, with the average UK house price climbing from £231,508 last May to £254,624 in May 2021.
Regionally, the South East has seen the biggest increase with the average home now worth £29,199 more than a year ago.
The latest UK House Price index shows that the North West has seen the largest rate of annual growth of all regions at 15.2%.
In contrast, London has seen the lowest rate of annual growth of all regions at 5.2%, but the higher price of property in the capital means that London homeowners have enjoyed the third-highest cash increase at £24,987.
The capital is also home to the area that has enjoyed by far the highest cash increase at local authority level.
Homeowners in Hammersmith and Fulham have seen the value of their home increase by a huge £101,496 in the last year alone.
CEO of Keller Williams UK, Ben Taylor, said: “The latest market data shows that house prices have climbed by 10% across the UK which is a phenomenal rate of growth.
“While not all areas have performed as strongly in percentage terms, the differing price of property across the UK market means that the actual cash increase has been sizable, even in the worst performing regions.
“On average, UK homeowners are over £23,000 better off than they were year ago and this is proof, if ever it were needed, that there’s no better investment than bricks and mortar.”
Table shows: Local authority area: average house price May 2021; average house price May 2020: cash and (%) increase
County Durham: £115,874; £99,230; £16,644 (16.8%)
Darlington: £146,605; £128,857; £17,748 (13.8%)
South Tyneside: £145,361; £128,112; £17,249 (13.5%)
Northumberland: £174,053; £153,760; £20,293 (13.2%)
Gateshead: £140,343; £126,614; £13,729 (10.8%)
North Tyneside: £177,312; £161,487; £15,825 (9.8%)
Newcastle: £169,089; £155,157; £13,932 (9%)
Sunderland: £127,857; £117,604; £10,253 (8.7%)