Summer boost for South Tyne home owners

Home owners in South Tyneside got an early summer boost in May as the value of their houses increased.

Wednesday, 14th July 2021, 1:33 pm
House prices rise
House prices rise

Average prices in the area rose by 0.5%, according to Land Registry figures – contributing to the longer-term trend, which has seen property values achieve 13.5% annual growth.

The average South Tyneside house price in May was £145,361 – with values rising by £17,000 over the last year.

The figures show owners of detached houses saw the biggest improvement in property prices in May, increasing 0.9%, to an average of £270,547 - 14.3% up over the year.

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The value of a semi-detached rose by 0.3% monthly – up 13.2% annually – to an average of £161,099.

Terraced home prices were up 0.5% monthly – a rise of 14.7% annually to an average of £128,321.

The price of flats in the area was up by 0.7% over the month – 10.7% annually – to an average of £86,455.

First-time buyers in South Tyneside spent an average of £130,000 on their property – £15,000 more than a year ago, and £20,000 more than in May 2016.

Buyers paid 1.6% more than the average price in the North East (£143,000) in May for a property in South Tyneside.

Across the region, average property prices are low compared to those across the UK, where the average cost is now £255,000.

The most expensive properties in the North East were in North Tyneside – £177,000 on average.

The highest property prices across the UK were in Kensington and Chelsea, where the average May sale price was £1.2m.