Pre-Christmas boost for home owners
Home owners in South Tyneside got a little pre-Christmas present from the housing market, new figures show.
The latest Land Registry figures show house prices in the area increased by 0.6%, in November - contributing to the longer-term trend, which has seen property prices in the area grow by 9.7% annually – £13,000.
The average house price in November was £151,337.
Owners of detached houses saw the biggest improvement in property prices in South Tyneside in November – they increased by 1.2%, to an average of £289,044. That is an annual increase 14.1%.
The value of a semi-detached rose by 0.6% over the month – up 10% annually – to an average of £169,076.
Terraced home values rose by 0.3% over the month – up 8.8% annually – to an average of £132,198.
The value of flats increased by 0.6% monthly – 7.2% annually – to an average of £88,598.
First-time buyers in South Tyneside spent an average of £134,000 on their property – £11,000 more than a year ago, and £26,000 more than in November 2016.
Buyers in South Tyneside paid 1.4% more than the average price in the North East – £149,000 - in November.
Average North East property prices are still below the national average of £271,000.
The most expensive properties in the North East were in North Tyneside – at £192,000 on average.