House prices boost for South Tyneside owners

Home owners in South Tyneside got a pre-Christmas boost as average house prices in the borough increased in December, new figures show.
South Tyneside house prices boost.South Tyneside house prices boost.
South Tyneside house prices boost.

Data from the Land Registry show prices in the area increased by 1.2% – contributing to a longer-term trend, which has seen property values in the area grow by 11.5% over the last year.

The average South Tyneside house price in December was £162,890 – a rise of £17,000 over the year – and better than the housing market across the region, where prices decreased by 0.5%.

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Prices in the area also outperformed the national market which saw a 0.4% drop in values.

Owners of flats saw the biggest rise in property prices in South Tyneside in December.

Values increased by 1.4%, to an average of £92,993 – a rise of 8.9% over the year.

The value of a detached home rose by 1.1% monthly – and 11.1% annually – to £305,703 on average.

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Semi-detached home prices increased by 1.2% over the month – up 11.9% annually – to an average of £182,508.

The price of terraced properties increased by one per cent in December – up 12.4% annually – to £144,233 on average.

First-time buyers in South Tyneside spent an average of £145,000 on their property – £15,000 more than a year ago, and £30,000 more than in December 2017.

Buyers in the area paid 0.5% less than the average price in the North East (£164,000) in December.

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Nationally house prices ended last year £26,000 higher than when 2022 started, although the annual pace of growth in property values is slowing.

Office for National Statistics (ONS) figures show values increased by 9.8% in 2022, although the market weaken significantly in November and December.

The average UK house price in December was £294,000 – £26,000 higher than 12 months earlier.

On a month-on-month basis, the average UK house price in December was down from £296,000 in November.

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Frances McDonald, research analyst at estate agent Savills, said: "There is an increasing expectation that inflation has peaked but borrowers still face a considerable increase in their mortgage costs which means we likely haven't seen the end of house price falls.

"But we do expect them to continue to be more modest."