House prices in the North East of England have fallen, according to a new survey conducted by online estate agent eMoov.co.uk.
The survey was based on Land Registry figures, according to which house prices the North East have declined by 2.71% since June 2016, making the North East the only region in the UK not to see growth in property prices.
Within the North East, Country Durham appears to be suffering the most, with average house prices languishing around the same level as in 2014. In Ferryhill, the average price for a property was only £68,772.
A separate survey conducted by Nationwide suggested house prices in North East England had experienced some growth in the 12 months to June, but that the region lags behind the rest of the UK.
According to the Nationwide Survey, house prices in the region have increased by 1.1% since this time last year, compared to an average increase of 3.1% across the rest of the UK.
Nationwide’s chief economist, Robert Gardner, predicted that the market could slow further in the coming months along with the wider economy as inflation hits household budgets and uncertainty surrounding Brexit impacts on consumer confidence.
He said; “This, together with ongoing housing affordability pressures in key parts of the country is likely to exert a drag on housing market activity and house price growth in the quarters ahead.”
With house prices in the area falling, homeowners in the North East could be facing negative equity. If your property is in negative equity, or you’re afraid further house prices could push the value of your home below your outstanding mortgage debt, contact our expert advisors for a consultation on 0161 631 2727 or online at negativeequityuk.com.