House prices in Hartlepool dropped by 6% in March – despite witnessing a 0.6% rise over the last 12 months.
The latest data from the Office of National Statistics shows that the average property in the area sold for £101,034 – significantly lower than the UK average of £226,798.
Across the North East, property prices have fallen by 0.8% in the last year, to £123,046. The region underperformed compared to the UK as a whole, which saw the average property value increase by 1.4%.
The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.
Hartlepool is the eighth-cheapest local authority in the UK in which to buy a home, and the average homeowner will have seen their property jump in value by around £4,000 in the last five years.
The figures also showed that buyers who made their first step onto the property ladder in Hartlepool in March spent an average of £85,285 – around £3,000 more than it would have cost them five years ago.
Residential research analyst at estate agent Savills, Lawrence Bowles, said UK house prices rose 1.4% in the year to March 2019, according to the latest data from Land Registry. This marks an acceleration in growth since February, when annual house price inflation was just 1.0%. However, growth is slower than this time last year, when annual house price inflation was 4.0%.
Bowles said house prices in the north of England outperformed the south – every northern region bar the North East had house price growth faster than the national average, while all regions in the south saw price growth below UK levels.
He said, with mortgage rates still at historic lows, many parts of the UK have seen robust house price growth. Faster rates of house price growth in the more affordable regions in the north of England, Wales and Scotland is expected over the next five years.
In London and the south, where affordability is more stretched, slower levels of house price growth is expected, he said.
Between February last year and January this year, the most recent 12 months for which sales volume data is available, 1,337 homes were sold in Hartlepool, 1% fewer than in the previous year.
The highest house prices in the country in March were found in London’s Kensington and Chelsea, where properties sold for an average of £1.16million – 15 times the cost of a home in Burnley, where the average property cost just £77,000.
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