Living in the North-East, it is well known that we get much more for our money when buying a property than those living further south. Coupled with the rich culture, stunning countryside and industrial heritage that the North-East offers, what better place to call home.
Recent Land Registry data shows that the average house price in the North-East currently stands at £160,406, sitting way below the UK average of £280,660.
However, the average house prices within our region do vary quite significantly, so which areas are the most cost-effective?
| AREA | Average Property Price | Detached house | Semi-detached house | Terraced | Flat/ maisonette |
| NEWCASTLE | £192,989 | £378,246 | £224,899 | £187,650 | £129,426 |
| NORTH TYNESIDE | £201,122 | £369,163 | £222,593 | £191,605 | £117,253 |
| NORTHUMBERLAND | £196,957 | £332,466 | £187,928 | £155,137 | £101,383 |
| GATESHEAD | £160,990 | £288,362 | £179,747 | £152,642 | £101,357 |
| SOUTH TYNESIDE | £156,901 | £290,821 | £177,444 | £138,205 | £91,284 |
| SUNDERLAND | £139,218 | £260,864 | £145,283 | £113,507 | £84,631 |
| COUNTY DURHAM | £127,727 | £211,398 | £126,156 | £103,295 | £78,707 |
** All prices are average property prices divided by local authority as found on the Land Registry UK House Price Index, data dated February 2024.
Whilst County Durham wins across the board in terms of being the most economical place to live, there is a battle between Newcastle and Northumberland for being the most expensive, varying between property types.
There is a staggering £121,068 average price difference between buying a detached house in Newcastle and County Durham!
The North-East also benefited from a 3.2% monthly increase in the average house price in February 2024, bounding ahead of the UK average of 0.4%, which is very positive news for those thinking of selling.
As experts in our local area, the Property Team at David Gray Solicitors would be delighted to assist you in taking that next step on the property ladder. If you would like a free no-obligation quote for any residential conveyancing transaction, please contact our team directly on 0191 243 8167 or email hayley.baker@davidgray.co.uk.
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