Autumn boost for South Tyneside home owners

Land Registry figures show prices increased by 1.9% month on month – to an average of £158,616 – and contributing to the longer-term trend, which has seen property prices in the area grow by 7.2% over the last year.

Over the month, the picture was different to that across the North East, where prices increased by 0.3%, and above the national trend, where prices did not change.

Over the last year, the average sale price of property in South Tyneside has risen by £11,000 – as an imbalance between supply and demand for homes saw house prices climb nationally.

Owners of semi-detached houses saw the biggest rise in property prices in South Tyneside in September – they increased by 2.1%, to an average of £177,844. Over the last year, prices rose by 7.9%.

The value of a detached home rose by 1.8% monthly – up 8.6% annually – to an average of £296,861.

Terraced house prices rose by two per cent monthly – 7.7% annually to £140,585 on average.

The price of flats was up by 1.3% over the month – and 3.5% annually – to an average of £90,416.

First-time buyers in South Tyneside spent an average of £141,200 on their property – £9,200 more than a year ago, and £27,900 more than in September 2017.

Buyers in South Tyneside paid 3.1% less than the average price in the North East (£164,000) in September.

Across the North East, property prices are lower than those across the UK, where the average home cost £295,000.