Good news for South Tyneside home owners

The boost brought the average house price in the borough to £135,846 in September – contributing to a longer-term trend which has seen property prices in the area grow by 0.4% annually.

Land Registry figures show prices in September were a 3.8% increase on August, better then the North East average of 2.8%, and the national 1.7% rise.

Over the last year, the average sale price of property in South Tyneside rose by £580 – putting the area ninth among the North East’s 12 local authorities for annual growth.

Owners of detached houses in the borough saw the biggest improvement in property prices. They increased 4.4%, to £249,951 on average, a 1.1% annual increase.

The cost of a semi-detached rose by 3.5% over the month – up 1.6% annually to an average of £151,529.

The price of a terraced home was up 3.8% monthly – an annual rise of 0.6% to an average of £119,331.

Flat values rose by 3.6% monthly to an average of £81,213 – but were down 3.2% annually.

The figures show first-time buyers in South Tyneside spent an average of £​121,200 on their property – ​£330 more than a year ago, ​and ​£14,370 more than in September 2015.

The average price for a home on the North East in September was £136,262 – a rise of 3.3% on the month.

The most expensive properties in the North East were in Newcastle – £171,000 on average.