Autumn boost for South Tyneside home owners

Home owners in South Tyneside got an autumn boost as house prices jumped by almost two per cent in September.

House prices rise.
House prices rise.

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.

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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.

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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.

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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.