Newcastle house prices: A drop in January 2024

House prices dropped by 1.5% in Newcastle in January, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 2.1% over the last year. The average Newcastle house price in January was £192,348, Land Registry figures show – a 1.5% decrease on December.

Over the month, the picture was similar to that across the North East, where prices decreased 1.7%, but Newcastle was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Newcastle rose by £4,000 – putting the area third among the North East’s 12 local authorities with price data for annual growth.

The highest annual growth in the region was in Northumberland, where property prices increased on average by 5.6%, to £204,000. At the other end of the scale, properties in Hartlepool lost 10.9% of their value, giving an average price of £124,000.

First steps on the property ladder

First-time buyers in Newcastle spent an average of £166,800 on their property – £2,800 more than a year ago, and £28,500 more than in January 2019.

By comparison, former owner-occupiers paid £217,900 on average in January – 30.7% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Newcastle in January – they dropped 1.9% in price, to £186,612 on average. But over the last year, prices rose by 0.5%.

Among other types of property:

How do property prices in Newcastle compare?

Buyers paid 24.1% more than the average price in the North East (£155,000) in January for a property in Newcastle. Across the North East, property prices are low compared to those across the UK, where the average cost is £282,000.

The most expensive properties in the North East were in North Tyneside – £206,000 on average, and 7% in Newcastle. North Tyneside properties cost 1.7 times the price as homes in Hartlepool (£124,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.2 million.

Factfile

Average property price in January

Annual change to January

Highest and lowest annual growth in the North East

Source: Newcastle house prices dropped in January (msn.com)