House prices on the rise in South Tyneside, figures show
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.
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:
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.
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.