Summer price boost for home owners

Homeowners in Hartlepool got a mid-summer boost as house prices jumped, new figures show.
House price boost.House price boost.
House price boost.

House prices in the area increased by 5.6% in June - to an average of £131,238, Land Registry figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 10.1% over the last year.

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Over the month, the picture was different to that across the North East, where prices increased 1.7%, and the Hartlepool market was also above the one per cent national rise in prices.

The data also shows that over the last year, the average sale price of property in Hartlepool rose by £13,000.

Experts say an imbalance between supply and demand for properties is the primary reason behind house prices climbing throughout the pandemic.

First-time buyers in Hartlepool spent an average of £117,000 on their property – £10,000 more than a year ago, and £26,000 more than in June 2017.

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Owners of terraced houses saw the biggest rise in property prices in Hartlepool in June.

Values increased by six per cent – 9.2% over the year – to an average of £100,915.

The value of a detached home increased by five per cent over the month – and 11.7% annually – to an average of £242,671.

Prices paid for a semi-detached home increased by 5.8% monthly – up 10.2% annually – to an average of £142,330.

The price of flats rose by 5.7% over the month – up 5.5% annually – to £72,037 on average.

The average house price in the North East was £158,000 in June.