Sluggish start to 2015 for North East house prices

Sluggish start to 2015 for North East house prices

With property prices rising just 0.4% over January, the North East housing market seems to be experiencing a tough start to the year.

The tiny (but welcome) rise puts to an end three consecutive months of falling house prices in the region. The average cost of a home in the NOrth East now stands at £144,872 - the lowest levels for nine months.

The overall fastest riser in the region was Blyth, which managed to rack-up 3.1% growth. Tynemouth and North Shields picked up 1.3% and 1.2% respectively. Matching Tynemouth on 1.2% was Gateshead, with Durham City (1%) and Sunderland (0.9%) closely following behind.

However, several areas saw prices continuing to fall. The average price of a proprty in Whitley Bay tumbled by 3.1%. Jarrow lost 2.1% of the cost of an average home. Darlington, Killingworth (-0.8%) and Newcastle (-0.5%) both suffered minor losses.

Whitley Bay’s surprise fall follows prices rising by 5.2% over the past four months – making the town this month’s Best to Buy.

The majority of properties in the town are semi-detached (42%) or terraced (40%). 37% of households are classified as families with no dependent children and 30% households with dependent children, indicating a popularity with young professionals. 32% of residents are between the ages of 25 and 49, the single largest demographic.

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