New property price figures show annual rise despite recent slump

North-East property prices fell back slightly last month but remain four per cent higher on average than this time last year.

Figures from regional property firm KIS show that average house values in the region dropped 0.8 per cent in October, wiping out 0.6 per cent growth recorded in September.

A typical property in the region is currently valued at £166,335 – a month-on-month fall of £1,314 in cash terms.

But prices are also 3.9 per cent higher than those of 12 months ago with a typical house now valued at £6,257 more than at the end of September last year.

Property values fell in 15 of the 20 areas surveyed at the end of October 2017 with property values falling fastest in Sunderland (-5.4 per cent), Killingworth (-3.1 per cent) Durham City (-2.4 per cent) and Jarrow (-1.8 per cent).

Values rose the most in Blyth (0.7 per cent) and Peterlee, Whitburn and Easington (0.4 per cent).

The figures suggest that the average cost of a home is £89,972 in Peterlee and £109,269 in Easington.

In Sunderland it is £134,509.

Ajay Jagota, founder and managing director of KIS Group, said: “It’s entirely unsurprising to see a modest fall in property prices at this time of year.

Not only are the nights drawing in, making people less likely to want to view houses, no one really wants to move house close to Christmas.”

Hartlepool was not covered in the figures produced by the South Shields firm.