Hartlepool home owners hit by tough year

Hartlepool house prices took a hit in 2020Hartlepool house prices took a hit in 2020
Hartlepool house prices took a hit in 2020
Home owners in Hartlepool saw the value of their houses fall again at the end of last year – finishing 2020 with a fall in market values.

The latest Land Registry figures show house prices fell by 2.6%, in the area in December – adding to the longer-term trend, which has seen property values decrease by 3.8% over the year.

That price fall - the worst in the North East – means the average price of a house in Hartlepool in December was £108,756 – a 2.6% rise on November.

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Over the month, the picture was worse than that across the North East, where prices increased by 1.9%, and the area also was also below the national average rise of 1.2%.

Over the last year, the area was bottom among the North East’s 13 local authorities for annual growth.

The best annual growth in the region was in County Durham, where property prices increased on average by 10.9%, to £114,000.

Owners of detached houses fared worst in Hartlepool in December. Prices dropped by 2.9% to an average of £187,823.

That represents a drop over the past year of 2.4%.

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Owners of semi-detached houses saw their value drop by 2.6% on the month – down 4% annually to an average of £111,921.

The value of terraced homes fell by 2.4% on the month to an average of £78,389 – an annual fall of 4.3%.

Flat owners also saw the value of their properties drop – down 2.6% monthly and 6.7% annually to an average of £59,267.

First-time buyers in Hartlepool spent an average of £91,700 on their property – £3,900 less than a year ago, and £3,000 more than in November 2015.

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Buyers paid less than the average price in the North East – £141,000 - in December for a property than anywhere else in the region

Across the North East, property prices remain low compared to those across the UK, where the average cost is £252,000.

The most expensive properties in the North East were in North Tyneside – £176,000 on average.

The highest property prices in the country were in Kensington and Chelsea, where the average December sale price of £1.3m.