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Chronicle Live
Business
Claire Miller & Chris Knight

What is the average house price in Newcastle? Property prices drop to 2017 levels

House prices in Newcastle have fallen back to 2017 levels, according to new figures released by the Land Registry.

The new data has revealed the average price of a home in the city was £153,049 in June.

The last time average prices were this low was in May 2017, when the average cost of a house was £153,651.

Prices in Newcastle have dropped by 4% in the year to June, and the new data paints a mixed picture for North East homeowners.

This is the biggest annual decrease since a fall of 4.8% in the year to April 2013.

During the same time period, prices in Sunderland dropped by 2.4% to £114,760 - the biggest fall since January 2013.

Students save around £2,450 per year compared to the national average (PA)

In contrast, prices in South Tyneside were up by 4.4% in the year to June, with a 3.9% rise in Durham.

House prices in Bath and North East Somerset have been performing much worse than the national average this year.

Average house prices in the UK increased by 0.9% in the year to June 2019, the same as in the year to May 2019.

Since June 2016, there has been a general slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England.

In London, prices fell by 2.7% over the year to June 2019. That was, however, a slight improvement compared to a fall of 3.1% in the year to May 2019.

The average UK house price was £230,000 in June 2019. This is £2,000 higher than the same period a year ago.

Prices in Wales increased by 4.4% in the year to June 2019, the biggest increase in Britain, but down slightly from 4.6% in May 2019. The average house price in Wales now stands at £164,000.

House prices in Scotland increased by 1.3% in the year to June 2019, down from 1.5% in the year to May 2019. The average house price in Scotland is now £152,000.

The East Midlands was the English region with the highest annual house price growth, with prices increasing by 3.2% in the year to June 2019.

This was followed by the West Midlands, with prices increasing by 2.6%.

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