The cost of buying a home in the North East has risen more than 10% over the past year as the cost of living continues to soar.
New figures released by the Office for National Statistics show house prices in the North East rose by 10.7% in 2021.
On average, prices in the area have risen by £6,808 over the 12 month period, but it is still the cheapest place in the country to buy a house with an average price of £155,000.
Northumberland had the highest prices in the region, with the average house there costing £234,410, compared to County Durham which had the lowest average prices at £152,407.
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The figures relate to the amount of houses sold until the end of December 2021.
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Property experts Rightmove, who maintain more up-to-date house price estimates, predict that they are currently rising 9.7% nationwide.
Tim Bannister, director of real estate science at Rightmove, says that while prices continue to rise, the rate of increase is slowing.
Mr Bannister said: “The exceptional pace of the market is slowing down a bit, as demand gradually softens and price increases start to slow, which is entirely to be expected given the many record numbers in the past two years. years.
“When you look at the number of buyers contacting estate agents compared to 2019 or the pre-pandemic five-year average, demand is still very high compared to what was once considered normal.
“We are hearing from agents that while they may have had slightly fewer applicants for each property over the past few months, they are still seeing significant interest from multiple buyers and achieving successful sales.
“Going into the second half of the year, we expect the pace of price increases to slow further, especially given the worsening affordability challenges people are facing.
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“We expect this to bring the annual rate of price growth from the current 9.7% towards the 5% increase predicted by Rightmove at the start of the year.
In Darlington, prices actually fell by £1,683 on the previous year and the average cost of buying a house in Stockton fell by ten.
New The figures published this week also revealed that the average cost of renting increased by 2.7% in the North East in the 12 months to May, just below the English national average of 2.8%.
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