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.

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.

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.

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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.