First Quarter 2005
Hotspot analysis IN THE NORTH
Prices shown in the tables below are
arithmetic average prices of houses on which an offer of mortgage has been granted.
These prices can change from quarter to quarter. Towns
in double digits are hotspots
|
POST-TOWN
|
AVERAGE HOUSE
PRICE - £
2004*
|
AVERAGE HOUSE
PRICE - £
2005*
|
%
CHANGE
|
|
Ashington
|
93,000
|
106,530
|
15%
|
|
Barrow-in-Furness
|
71,554
|
95,239
|
33%
|
|
Bedlington
|
115,712
|
149,394
|
29%
|
|
Billingham
|
110,970
|
145,608
|
31%
|
|
Bishop
Auckland
|
96,003
|
132,118
|
38%
|
|
Blyth
|
93,326
|
106,006
|
14%
|
|
Carlisle
|
109,421
|
137,342
|
26%
|
|
Chester-le-Street
|
118,202
|
136,448
|
15%
|
|
Consett
|
107,838
|
138,685
|
29%
|
|
Cramlington
|
107,866
|
128,236
|
19%
|
|
Darlington
|
112,683
|
143,342
|
27%
|
|
Durham
|
111,067
|
138,165
|
24%
|
|
Gateshead
|
101,433
|
125,447
|
24%
|
|
Hartlepool
|
100,326
|
125,429
|
25%
|
|
Hexham
|
186,522
|
189,073
|
1%
|
|
Houghton-le-Spring
|
105,571
|
125,763
|
19%
|
|
Kendal
|
160,455
|
183,937
|
15%
|
|
Middlesbrough
|
98,931
|
119,318
|
21%
|
|
Morpeth
|
149,802
|
182,869
|
22%
|
|
Newcastle Upon Tyne
|
141,466
|
155,584
|
10%
|
|
Newton
Aycliffe
|
109,108
|
136,117
|
25%
|
|
North-Shields
|
126,387
|
146,553
|
16%
|
|
Penrith
|
180,105
|
188,565
|
5%
|
|
Peterlee
|
68,934
|
80,958
|
17%
|
|
Redcar
|
94,980
|
126,273
|
33%
|
|
Saltburn-by-the-Sea
|
87,176
|
124,392
|
43%
|
|
Seaham
|
96,446
|
128,321
|
33%
|
|
South-Shields
|
95,529
|
114,875
|
20%
|
|
Stanley
|
82,460
|
100,539
|
22%
|
|
Stockton-on-Tees
|
107,761
|
129,237
|
20%
|
|
Sunderland
|
104,496
|
122,436
|
17%
|
|
Wallsend
|
92,920
|
107,967
|
16%
|
|
Washington
|
113,329
|
135,155
|
19%
|
|
Whitehaven
|
83,134
|
108,587
|
31%
|
|
Whitley-Bay
|
142,845
|
165,054
|
16%
|
|
COUNTY
|
AVERAGE HOUSE
PRICE - £
2004*
|
AVERAGE HOUSE
PRICE - £
2005*
|
%
CHANGE
|
|
Cleveland
|
103,393
|
129,084
|
25%
|
|
County-Durham
|
102,609
|
127,355
|
24%
|
|
Cumbria
|
121,074
|
143,714
|
19%
|
|
Northumberland
|
126,382
|
146,367
|
16%
|
|
Tyne-and-Wear
|
117,687
|
136,796
|
16%
|
Here you find a general overview of the area
"The housing market in the North is undergoing a gradual slowdown. House prices
fell modestly in the first quarter and the annual rate of growth is now 14.2%, less than half the rate of a year ago. We anticipate
further moderation in the pace of house price growth over the rest of 2005 in the North.
In terms of property hot spots 2005 started with those areas performing well
in 2004 continuing to shine. Saltburn-by-the-Sea has been one of the best performers,
not only in the North but also across the UK with a 48% increase in its average house price to £124,392 over the past year.
Spennymoor and Consett were the two next best performers with house
prices increases of 42% and 39% respectively.
The most expensive towns in the North are Hexham (£189,073), Penrith (£188,565)
and Kendal (£183,397).
The strong performance of the housing market in the North in recent years has been underpinned by two key factors,
relatively good affordability and confidence in the economy."
"Sunderland is definitely a property market to watch as the city centre
is regenerated and starts to draw people in from Newcastle and its surrounds.
Overall, prices are affordable and properties are selling within a reasonable time. The average house price in Sunderland
is £122,436, up 17% for the year.
Demand in Sunderland remains very strong for properties priced up to £100,000. This is a very
active sector with first-time buyers and buy-to-let investors competing aggressively.
However, as house prices continue to increase in Sunderland, buyers are taking
advantage of good transport links to move into more affordable, semi-rural areas, such as Barratt's new Churchside Gardens
development on Easington Lane. The properties at Easington Lane are ideal for
commuters as they are located nine miles from Sunderland. In addition, due to
its excellent rail links Sunderland is within easy commuting distance of Durham and Newcastle.
Apartments and flats continue to be built in Sunderland city centre at premium
prices but the market for this type of property is slowing as it reaches saturation point.
Families continue to look at school catchment areas when deciding upon areas to buy in and are willing to pay premium
prices.
The most popular type of housing continues to be two and three bedroom semi-detached
properties. However, affordability constraints have forced families to look at
areas further a field, such as the new family and executive housing developments located on the outskirts of Sunderland."
|
