Boost for South Tyneside home owners

House prices in South Tyneside increased by 3.7% – above the average for the North East – in the final months of last year, new figures show.

Prices boost for South Tyneside home owners
Prices boost for South Tyneside home owners

The November boost contributed to a longer-term trend which has seen property prices in the area increase by 4.7% over the year – bringing the average price of a house in the borough to £143,067, according to Land Registry figures.

The 3.7% increase on October was better than that across the North East, where prices increased 2.6%, and the market in South Tyneside also outperformed the 1.2% rise nationally.

Over the last year, the average sale price of property in South Tyneside rose by £6,500 – putting the area sixth among the North East’s 13 local authorities for annual growth.

The best annual growth in the region was in Northumberland, where property prices increased on average by 16.2%, to £177,000.

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The owners of detached houses saw the biggest improvement in property prices in November – increasing by four per cent to an average of £266,532 and 7.1% up over the year.

The price of a semi-detached rose by 3.7% monthly – up 5.3% annually to an average of £159,369.

Terraced house prices were up 3.7% monthly, and 5.1% annually to an average of £125,519.

Flats saw a 3.7% monthly increase – up 0.5% annually to an average of £84,979.

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First-time buyers in South Tyneside spent an average of £127,300 on their property – £5,300 more than a year ago, and £18,300 more than in October 2015.