Good news for home owners

The average house price in the North East is £2,318 higher than four weeks ago and £4,533 up on their value this time last year, according a to new figures.

Data from sales and lettings firm KIS and deposit free renting firm Dlighted show North East house prices continuing to grow year-on-year – with the average home in the region now worth 2.8% more than this time last year.

Above average performing areas included Houghton-leSpring (3.4%) and Easington (3.1%).

Average prices fell in slightly in Jarrow by 0.8%.

Homes in Whitburn are now worth an average of £9,180 more than they were this time last year.

An average property in the region cost £168,000 last week – compared to £165,682 at the end of February and £163,467 at this time last year.

Renters are also slightly better off than they were four weeks ago, with average rents falling from £582 to £578 – saving £488 a year.

Easington remains the cheapest place to rent in the North East, with average rents of £364.

Ajay Jagota, managing director of KIS Group, said: “These figures are clearly good news for homeowners, but it’s important to remember that they are good news for people hoping to become North East home owners too.

“Recent government figures showed UK wages rising by 2.6% a year, so with North East house prices rising at a slower rate this should mean more people able to take a first step on the property ladder.

“Many property hotspots are on the peripheries of major cities rather than within the major cities themselves.”