The cost of buying a home has continued to increase across Teesside, particularly in Redcar and Cleveland.
The average house price in the local authority area was £165,517 in the 12 months to October, according to the latest figures from the Land Registry. That’s an increase of 5.0% compared to a year earlier, equivalent to an extra £7,874 on each home.
That’s well above the UK average increase, with prices rising by 3.4% over the last year to £292,059. Teesside’s other areas haven’t been as buoyant, however.
Average house prices in Middlesbrough are now £144,840. That’s an increase of 2.1%, equivalent to an extra £2,991 on each house. Only 12 council areas in the whole of the UK have a lower average house price than Middlesbrough, including nearby Hartlepool (£133,337) and County Durham (£137,112).
In Stockton, meanwhile, prices are up by 1.7% (equivalent to £2,893), to an average of £168,397.You can see how prices have changed in your local area by using our interactive map:
Elsewhere in the UK, the Shetland Islands is the property hotspot. The average house price there is £225,587. That’s 28.2% higher than a year earlier, which is a larger jump than any other local authority in the country, and works out as an extra £49,601 per house.
Tewkesbury has seen the next largest growth in house prices, with the average property costing 12.6% more than it did a year earlier. That’s followed by Bridgend (10.8%), Blaenau Gwent (10.6%), Blackburn with Darwen (10.5%) and Pendle (10.4%).
Prices are falling in many areas though, with parts of London experiencing the biggest drops in the country. The average home in Kensington and Chelsea cost over £1.1 million in the year to October.
That’s a fall of £285,480 per house compared to a year earlier, which works out as a drop of 20.3% and is the largest of any local authority in the UK.
The City of London has seen the next largest drop with homes costing 18.3% less than a year earlier, equivalent to £160,166 per house. Hammersmith and Fulham has the next largest drop at 10.5%, equivalent to £86,825 per home.
North Devon has seen the next largest fall in average prices at 7.8%, followed by Camden with a drop of 6.2%, Gwynedd with a drop of 5.1%, the Isle of Wight with a drop of 5.0%, Islington with a drop of 4.9% and the City of Westminster with a drop of 4.4%.
Manchester – often seen as the North’s property hotspot with skyscrapers popping up all over the city – has also seen a drop in average prices. The average house in the city cost £253,061 in the year to October according to the Land Registry data. That’s a drop of 2.3% compared to a year earlier, equivalent to each house costing £5,981 less.
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