The quarterly survey found that the price of the average house has risen 1.7 per cent for the three months to October, but although this was down from the 1.9 per cent in the previous quarter it was still higher than the 1.3 per cent increase at the same time last year.
The average house price is now £64,250, although of the ten areas in the survey North Yorkshire recorded an increase of 2.9 per cent, which took the average house price in this area to £75,000.
Alistair Laws, chief valuer at Northern Rock, said: “The region’s housing market has again exhibited steady and sustainable price increases over the quarter in the majority of property types. Falling interest rates and competitive mortgages are probably helping to stave off the threat of a downturn.”
“Market trends in the North East and Cumbria remain reasonably sustainable, although general activity levels may reduce during the winter months. Certain areas still retain their status as hotspots, such as Jesmond and Gosforth in Newcastle.”
