House prices on the rise in South Tyneside

Home owners in South Tyneside got a financial boost in October as average house prices in the borough increased.

Good news for home owners in South Tyneside
Good news for home owners in South Tyneside

According to the latest figures from the Land Registry house prices increased by 2.8% in South Tyneside in October.

The increase contributes to the longer-term trend, which has seen property prices in the area achieve annual growth of 1.4%.

That means the average price of a house in South Tyneside in October was £139,293 – a 2.8% increase on September.

Over the month, the picture was better than that across the North East, where prices decreased by 0.3%, and South Tyneside outperformed the 0.7% rise for the country as a whole.

Over the last year, the average sale price of property in the area rose by £1,900 – putting the area ninth among the North East’s 13 local authorities for annual growth.

The best annual growth in the region was in Northumberland, where property prices increased on average by 8.2%, to £167,000.

At the other end of the scale, properties in Hartlepool lost 4.4% of their value – to an average price of £106,000.

Owners of detached houses in South Tyneside saw the biggest price rises in October – they increased 3.4%, to an average of £257,709. Over the last year, prices rose by 2.8%.

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The price of semi-detached homes jumped by 2.8% monthly – up 2.2% annually – to an average of £155,283.

The value of terraced homes jumped by 2.9% over the month – up 1.7% annually – to an average of £122,456.

Flat prices fell 2.2% on the month – down 2.7% annually – to an average of £82,776.

The figures show first-time buyers in South Tyneside spent an average of £124,100 on their property – £1,300 more than a year ago, and £16,200 more than in September 2015.

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Buyers in the borough paid 2.2% more than the average price in the North East – £136,000 – in October.

Across the North East, property prices remain low compared to those across the UK, where the average home cost £245,000.

The most expensive properties in the North East were in North Tyneside – £174,000 on average.

The highest property prices in the UK were in Kensington and Chelsea, where the average October sale price was £1.3m.