This is what the pandemic has done to house prices in Hartlepool

House prices dropped more than average for the North East in Hartlepool in March, new figures show.

Wednesday, 20th May 2020, 2:07 pm
Updated Thursday, 21st May 2020, 11:48 am
House prices dropped more than average for the North East in Hartlepool in March, new figures show.

But the ​drop ​does not reverse the longer-term trend, which has seen property prices in the area ​achieve 2.5% annual growth​.

The average Hartlepool house price in March was £104,818, Land Registry figures show​ – a 3.7% decrease on February.

Over the month, the picture was ​worse than that across the North East, where prices ​decreased 0.6%​, and Hartlepool underperformed compared to the 0.2% drop for the UK as a whole.

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Over the last year, the average sale price of property in Hartlepool ​​rose by £2,500 – putting the ​area seventh among the North East’s 12 local authorities for annual growth.

​The best annual growth in the region was in Middlesbrough, where properties increased on average by 10.1%, to £119,000. ​At the other end of the scale, properties in County Durham dropped 1.2% in value, giving an average price of £96,000.

Winners and Losers

Owners of terraced houses fared worst in Hartlepool in March – they dropped 4.3% in price, to £75,083 on average​. But over the last year, prices rose by 2%.

Among other types of property:

Detached: down 3.2% monthly; up 2.8% annually; £181,065 average

Semi-detached: down 3.6% monthly; up 2.8% annually; £108,247 average

Flats: down 3.5% monthly; up 1.4% annually; £59,251 average

First steps on the property ladder

First-time buyers in Hartlepool spent an average of £​88,500 on their property – ​£2,000 more than a year ago, ​and ​£5,800 more than in March 2015.

By comparison, former owner-occupiers paid £​124,100 on average in March​ – 40.3% more than first-time buyers.

How do property prices in Hartlepool compare?

​Buyers paid 17.4% less than the average price in the North East (£127,000) in March for a property in Hartlepool. Across the North East, property prices are low compared to those across the UK, where the average cost £232,000.

The most expensive properties in the North East were in North Tyneside – £160,000 on average, and 1.5 times as much as in Hartlepool. North Tyneside properties cost 1.7 times as much as homes in County Durham (£96,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average March sale price of £1.4 million could buy 16 properties in Burnley (average £86,000).

Factfile

Average property price in March

Hartlepool: £104,818

The North East: £126,945

UK: £231,855

Annual growth to March

Hartlepool: +2.5%

The North East: +1.8%

UK: +2.1%

Best and worst annual growth in the North East

Middlesbrough: +10.1%

County Durham: -1.2%