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.

Wednesday, 20th January 2021, 4:04 pm
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.

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

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.

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.