This is what the pandemic has done to house prices in South Tyneside
House prices dropped slightly in South Tyneside in March, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 3.5% annual growth.
The average South Tyneside house price in March was £132,321, Land Registry figures show – a 0.4% decrease on February.
Over the month, the picture was similar to that across the North East, where prices decreased 0.6%, but South Tyneside underperformed compared to the 0.2% drop for the UK as a whole.
Over the last year, the average sale price of property in South Tyneside rose by £4,500 – putting the area fifth among the North East’s 12 local authorities for annual growth.
The best annual growth in the region was in Middlesbrough, where properties increased on average by 10.1%, to £119,000. At the other end of the scale, properties in County Durham dropped 1.2% in value, giving an average price of £96,000.
Winners and Losers
Owners of flats fared worst in South Tyneside in March – they dropped 0.6% in price, to £80,839 on average. But over the last year, prices rose by 1.5%.
Among other types of property:
Detached: up 0.4% monthly; up 4.1% annually; £245,266 average
Semi-detached: down 0.4% monthly; up 3.9% annually; £146,903 average
Terraced: down 0.5% monthly; up 3.8% annually; £115,414 average
First steps on the property ladder
First-time buyers in South Tyneside spent an average of £118,100 on their property – £3,900 more than a year ago, and £13,600 more than in March 2015.
By comparison, former owner-occupiers paid £146,400 on average in March – 23.9% more than first-time buyers.
How do property prices in South Tyneside compare?
Buyers paid 4.2% more than the average price in the North East (£127,000) in March for a property in South Tyneside. Across the North East, property prices are low compared to those across the UK, where the average cost £232,000.
The most expensive properties in the North East were in North Tyneside – £160,000 on average, and 1.2 times as much as in South Tyneside. North Tyneside properties cost 1.7 times as much as homes in County Durham (£96,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average March sale price of £1.4 million could buy 16 properties in Burnley (average £86,000).
Factfile
Average property price in March
South Tyneside: £132,321
The North East: £126,945
UK: £231,855
Annual growth to March
South Tyneside: +3.5%
The North East: +1.8%
UK: +2.1%
Best and worst annual growth in the North East
Middlesbrough: +10.1%
County Durham: -1.2%