Prices breaking new records up north

House prices continued to reach new heights in the north-east of England last year, the North East Regional Information Partnership (Nerip) has revealed.

The organisation's study, which collects data from the major UK price indices, found that the average price in the region now stands at £119,000.

Prices for first time buyers have risen sharply, the study found, with the average home for an FTB costing £108,074 last year in comparison to £40,901 in 2003.

"This study highlights that housing affordability is more of an issue for the region than it was five years ago," commented One NorthEast head of infrastructure and environment Tom Warburton.

"In the government's response to the Regional Spatial Strategy, the government suggest increasing the number of houses that can be built in the region from 107,000 to 112,000 up to 2021, to help address this supply issue.

"The regional housing issues aren't just about the supply of homes to buy or rent, but about the quality and type of homes being built - it's important that the region develops housing stock suitable to meet the demands of the 21st century workforce," Mr Warburton added.


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