House prices on the rise in South Tyneside, figures show

There was more good news for South Tyneside home owners in JuneThere was more good news for South Tyneside home owners in June
There was more good news for South Tyneside home owners in June | PA (Press Association)
House prices increased slightly in South Tyneside in June, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 4.4% annual growth – the highest in the North East.

The average South Tyneside house price in June was £135,413, Land Registry figures show – a 0.9% increase on May.

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Over the month, the picture was less good than that across the North East, where prices increased 1.7% , but South Tyneside outperformed the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in South Tyneside rose by £5,700 – putting the area top among the North East’s 12 local authorities for annual growth.

At the other end of the scale, properties in Newcastle dropped 4.0% in value, giving an average price of £153,000.

Owners of terraced houses saw the biggest improvement in property prices in South Tyneside in June – they increased 1%, to £118,444 on average. Over the last year, prices rose by 4.6%.

Among other types of property:

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Detached: up 0.6% monthly; up 4.6% annually; £247,401 average

Semi-detached: up 0.9% monthly; up 5.2% annually; £150,356 average

Flats: up 0.7% monthly; up 1.7% annually; £83,160 average

First-time buyers in South Tyneside spent an average of £120,800 on their property – £4,800 more than a year ago, and £16,100 more than in June 2014.

By comparison, former owner-occupiers paid £50,000 on average in June – 24.1% more than first-time buyers.

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Buyers paid 3.9% more than the average price in the North East (£130,000) in June for a property in South Tyneside. Across the North East, property prices are low compared to those across the UK, where the average cost £230,000.

The most expensive properties in the North East were in North Tyneside – £164,000 on average, and 1.2 times as much as in South Tyneside. North Tyneside properties cost 1.6 times as much as homes in County Durham (£105,000 average), at the other end of the scale.