Big rise in house prices for town

A row of homes in Olympia Hill, north of Morpeth town centre. Picture by Jane Coltman.
A row of homes in Olympia Hill, north of Morpeth town centre. Picture by Jane Coltman.

Morpeth has been named as one of the North East’s top property hotspots for 2015.

Research from sales and lettings firm KIS shows how values across the region have changed from area to area over the course of the past 12 months.

House prices in Tynemouth went up by an average of over £1,600 every month last year (its 2015 total increase was £19,697) and there was also a five-figure average property price rise for Newcastle, with values up £13,701.

In third place was Morpeth, which saw a year-on-year value growth of £9,885.

The average North East home is worth £6,253 more than at this time last year, but rents are down by £44 a month – a fall of 7.4 per cent.

Prices for the region ended 2015 on the rise, growing by 0.9 per cent over the last four weeks of the year.

The figures show that the average North East property was valued at £163,497 in December. This was £1,363 higher than the previous month.

Ajay Jagota, founder and managing director of KIS Group, said: “Seeing places like Tynemouth and Morpeth rising in appeal probably comes as little surprise to many people. It’s clear to see though that some areas have had a more positive year than others.

“However, 2015 has been on the whole a very positive year for property prices in the North East – especially in the second half of the year.

“December is traditionally a quiet one for estate agents, so to see prices still up by almost one per cent definitely hints at a strong 2016.”