Early summer hit for home owners

Land Registry data shows house values dropped by an average of one per cent in May – but had little effect on the long term trend which has seen property prices in the area grow by six per cent over the last year.

The average South Tyneside house price in May was £151,573, one per cent down on April.

That was compared to a 0.1% decrease in prices regionally and much lower than the 1.2% average national market rise.

Over the last year, the average sale price of property in South Tyneside rose by £8,600.

Owners of detached houses saw the biggest fall in property prices South Tyneside in May. Values dropped by 1.4% in price, to an average of £283,924 – but were 7.5% up over the year.

The value of a semi detached fell by 1.1% over the month – up 6.8% annually – to an average of £169,329.

Prices for terraced homes fell 0.7% over the month – but up by 6.2% annually – to an average of £134,168.

Flat prices were down by 1.3% monthly – up 2.6% annually to an average of £87,396.

First-time buyers in South Tyneside spent an average of £135,100 on their property – £7,400 more than a year ago, and £25,300 more than in May 2017.

Buyers paid 1.3% less than the average price in the North East (£154,000) in May for a property in South Tyneside.

Nationally, the average cost of a house is £283,000.