A former mining community has bucked the trend of falling house prices to see the biggest boost in property values in the North East
House prices in Easington jumped by 3.2% in the last four weeks, meaning that prospective buyers now have to cough up an average of £115,782 to secure a home there.
But elsewhere in the region, property prices saw a surprise fall in September, falling by 2.8% to £159,106 – a drop by £4,497 per property since August.
The figures were compiled by KIS Housing NOW (North of Watford) and comes after three months of growth, which had seen prices rise by 6.4%.
Peterlee was among the areas affected by falling prices, with the average house down by 0.7% to £86,840.
KIS Group CEO Ajay Jagota said: “Surprising as it may seem to some, there’s a certain inevitability to North East house prices falling back slightly this month, coming as the fall does after three months of unprecedented growth.
“If anything, a slight application of the brakes is more than a little desirable, for first time buyers in particular.
“Even if this is the end of a summer mini-boom, prices have come to rest in a much stronger place than we’ve seen in months, let alone years.
“The most likely reason for the fall is that, for now at least, the North East doesn’t appear to be suffering from the same lack of supply which is driving up prices in the rest of the country.
“If property prices have indeed peaked, for the time being at least, there is an even stronger case to be made for a gradual rise in interest rates to begin straight away.”