Prices hit for South Tyneside home owners

Home owners in South Tyneside took a financial hit as house prices in the borough fell, the latest figures show.

March house price fall
March house price fall

Land Registry figures show prices dropped by 1.8% in March – but that does not reverse the longer-term trend, which has seen property prices in the area grow by 7.2% over the year.

The average house price in the area in March was £139,807 - a 1.8% decrease on February.

That contrasted with the North East housing market, where prices increased by three per cent and nationally, where there was an 1.8% rise.

But, over the last year, the average sale price of property in South Tyneside rose by £9,400.

Owners of flats fared worst in South Tyneside in March. Prices dropped 2.2% to an average of £82,673 but 3.6% up annually.

Detached home prices fell 1.7% over the month to an average of £257,737 but were up 7.7% annually.

The price of a semi-detached fell by 2% monthly, but up 7.5% annually, to an average of £155,670.

The cost of a terrace house fell by 1.6% over the month to an average of £123,512 – up 8.4% annually.

First-time buyers in South Tyneside spent an average of £124,600 on their property – £8,100 more than a year ago, and £17,300 more than in March 2016.

The figures show the average price of a home in the North East was £146,000 in March.

The most expensive properties in the North East were in Northumberland – at £178,000 on average,

In the region, property prices remained low compared to those across the UK, where the average cost £256,000.