House prices take August hit in South Tyneside

​The ​1.3% drop ​on the figures in July contributes to the longer-term trend, which has seen property prices in the area ​fall by 3.4% over the year.

The average housed price in South Tyneside in August was £129,012, according to Land Registry figures.

Over the month, the picture was ​worse than that across the rest of the North East, where prices ​remained static​ with an average sale price of £131,701.

Nationally house prices rose by 0.7% in August.

The fall comes despite the Government raising the threshold on which Stamp Duty is paid from £125,000 to £500,000.

This emergency measure is due to run until march in a bid to support the housing market – which effectively ground to a halt in the early days of the coronavirus crisis.

The best annual growth in the region was seen in in Redcar and Cleveland, where properties increased on average by 6.5%, to £127,000.

​At the other end of the scale, properties in Hartlepool dropped 3.4% in value, giving an average price of £105,000.

Owners of flats fared worst in South Tyneside in August – prices dropped by 2.3% to an average of £77,107. Over the last year, prices have dropped by 6.9%.

Detached home prices fell by 1.7% monthly – down 2.9% annually to average of £236,439.

The average price of a semi-detached home fell by one per cent over the month monthly to £144,419 – down 2.1% annually.

Terraced home prices fell by 1.1% in August - down 3.2% annually, to an average of £113,076.

First-time buyers in South Tyneside spent an average of £​115,200 on their property – ​£4,100 less than a year ago, but £8,700 more than in August 2015.

​Nationally, the average cost of a home rose to £239,000.

The most expensive average property prices in the North East were in North Tyneside – £168,000.

The highest property prices in the country were in Kensington and Chelsea, where the average August sale price was £1.4.