Nationally the figures showed UK house prices falling £100,000 lower in just four weeks – slumping from £292,000 in March to just £209,000 four weeks later.
London properties saw their values fall by 13% – a drop of £66,963.
The changes can be explained by changes in the way the ONS calculates average house prices, giving less weighting to “extreme valued property” which was previously skewing figures.
Property Expert Ajay Jagota, founder and Managing Director of North-East based sales and lettings firm KIS and creator of dLlighted, a deposit replacement insurance for private renters, responded to the change.
He said: “I’ve always said that some of the fears about the impact of Brexit on our economy – and the housing market in particular – were exaggerated, but even I wasn’t expecting to see regional house prices rising by almost 25% in four weeks!
“Of course it is one of those cases of something looking too good to be true being just that – a purely technical change with no impact on the real value of our homes.
“It doesn’t mean that the North East housing market isn’t as strong as it’s been in years, however. Our data shows regional house prices rising by 4.8% in the last month and 5.2% in the last two months.
“The ONS changes are pretty sensible to be honest – and as our region tends to have fewer ultra expensive properties than other parts of the county, they can even be seen as being beneficial to the North East, more accurately reflecting the value of our homes compared to the rest of the country.”
KIS were the first letting agents to abolish monetary deposits, replacing them with a one-of-a-kind insurance policy. dLighted is an insurance backed deposit-free renting solution offering up to £7500 of cover for agents and landlords.