THE AVERAGE house price in the North East increased by more than £12,000 in the year to March, according to official figures.
The typical property value was £155,000 in March 2022 – marking an 8.7% annual increase, the Office for National Statistics (ONS) said.
The average house price in England increased by 9.9% over the year, down from an increase of 11% in the year to February 2022. The average house price in England was at a record level of £298,000 in March 2022.
Matt Hoy, director of estate agency at Bradley Hall, a leading North East full-service property consultancy firm, said: “These figures show that it is an ideal time for those thinking of selling up to get their properties on the market.
“While average house prices in the region have continued to rise month on month, sellers shouldn’t assume this will go on forever.
“The reduction in price increases from the previous month is a trend I would expect to continue, with the market likely to level off over the medium term. My message to potential sellers would be, capitalise on the current trend while prices are high.”
Across England prices were up in every region on the year before, with London lagging behind the rest of country’s growth levels with an increase of just 4.8%, though prices in the capital remain the highest in the UK, with an average price of £524,000 in March.
The East Midlands was the region with the highest annual house price growth, with average prices increasing by 12.4% in the year.
