Tynemouth has been named the North East property hotspot of 2015 – with property prices in the town nearly £20,000 higher this Christmas than last.
Jarrow, however, is the only area in the entire region to be surveyed where prices actually fell over the course of the year – £1219 lower today than this time last year.
Research from sales and lettings firm KIS shows how property prices across the region have changed from area to area over the course of the past 12 months.
The average North East home is worth £6253 more this Christmas than it was last year – but rents are down by £44 a month, a fall of 7.4%
House prices in Tynemouth rose by an average of over £1600 every month of 2015, with Newcastle also seeing five figure average property price, with values up £13,701. The city was closely followed by Morpeth, which saw a year-on-year value rise of £9885.
Homes in Jarrow lost just over £100 of value every month to finish this year £1219 lower than last. Peterlee saw the region’s smallest rise, with prices rising by just
£12 a month to finish only £153 higher than this time last year. Prices in Easington rose by just £378.
The areas to have seen the biggest value rises from December 2014 to December 2015 are:
- Tynemouth – £19,697
- Newcastle – £13,701
- Morpeth – £9885
- Washington – £8557
- Blyth – £7527
The areas to have seen the lowest rises are:
- Jarrow – -£1219
- Peterlee – £153
- Easington – £378
- Whitley Bay – £1580
- Seaham – £3533
North East property prices ended the year on the rise – growing by 0.9% over the last 4 weeks of the year.
The average property in the region was valued at £163,497 in November – £1363 higher than November.
Regional rents rose by £1 – the equivalent of 25p a week – to £554 per calendar month. Rental returns for landlords remained static at 4.1%.
Ajay Jagota, founder and Managing Director of local sales and lettings firm KIS Group and founder of Dlighted, an insurance backed deposit-free renting solution which drastically reduces the costs for tenants finding and moving homes whilst still protecting both agents and landlords against damage, responded to the figures.
“Seeing places like Tynemouth and Morpeth rising in appeal probably comes as little surprise to many people, but the real value of research like ours lies in the unexpected. With all due respect to the areas, Blyth and Washington might not be the first places which spring to mind when you’re asked to think of North East property hotspots, but statistically that’s exactly what they are.
“2015 has been on the whole a very positive year for property prices in the North East – especially in the second half of the year. It’s clear to see though that some areas have had a more positive year than others.
“December is traditionally a quiet one for estate agents – even though web traffic for the major property portals often peaks on Boxing Day. To see prices still up by almost 1% this month definitely hints at a strong 2016.”