Some of the North East's most expensive homes were sold in these streets this year.
Properties with a price tag of more than £1m were snapped up in areas including Ponteland, Jesmond, Gosforth and in County Durham.
Scroll down to see the list of places where the priciest houses were sold in our region between January and March.
According to the Office for National Statistics, average house prices across the UK increased by 8.6% over the year to February 2021, up from 8.0% in January 2021 - the highest annual growth rate the UK has seen since October 2014.
Between the beginning of 2016 and the end of 2019, there was a general slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England.
The start of 2020 saw a pick-up in annual growth in the housing market before the coronavirus restrictions were put in place at the end of March 2020.
Recent price increases may reflect a range of factors including some possible changes in housing preferences and a response to the changes made to property transaction taxes across the nations.
The pandemic may have caused buyers to reassess their housing preferences.
The most expensive homes sold in the North East from January to March were at:
- Western Way, Ponteland - a detached house sold for £1,300,000 on January 08
- Woodlands, High Street South, Shincliffe, Durham - a detached house went for £1,200,000 on January 21
- Rose Cottage, Wynyard, Billingham, Stockton-On-Tees - a detached house sold for £1,050,000 on January 08
- Willow Place, Ponteland - a detached house sold for £925,000 on January 15 (This sale may have been a buy-to-let, a transfer to a company, or a repossession)
- Mitchell Avenue, Jesmond, Newcastle - a semi-detached house sold for £873,500 on January 21
- Aykley Green, Durham - a detached home sold for £850,000 on February 08
- Denevale, Yarm, Stockton-On-Tees - a detached house sold for £840,000 on January 11
- Yarm Road, Eaglescliffe, Stockton-On-Tees - a detached house sold for £810,000 on January 07
- Western Way, Ponteland - a detached house sold for £780,000 on January 15
- Fernville Road, Gosforth, Newcastle - a semi-detached house sold for £725,000 on January 15
- Elm Steading, Newton, Stocksfield, Northumberland - a terrace house sold for £725,000 on January 22
In July 2020, the Chancellor announced a suspension of the tax paid on property purchases in England and Northern Ireland, with similar suspensions announced in Scotland and Wales.
In England and Northern Ireland, properties up to the value of £500,000 would incur no tax, while the thresholds for Scotland and Wales were £250,000. This may allow sellers to request higher prices as buyers’ overall costs are reduced.
The tax holiday for Scotland ended on March 31, 2021. It has been extended until June 30, 2021 in Wales, while in England and Northern Ireland, it has been extended until the same date but the threshold will then decrease to £250,000 until September 30, 2021.
According to the Land Registry, 44,049 home sales have been registered for January, 9,558 for February, and 1,353 for March.
It may take several weeks for sales to be registered after completion so some sales from later in the period may not be listed yet. The impact of coronavirus has meant that it is taking longer than for sales to be registered.
