Slow down in South Tyneside housing market

Average house prices dropped slightly in South Tyneside in March, new figures show.
House prices fall.House prices fall.
House prices fall.

But the 0.9% drop does not reverse the longer-term trend, which has seen property prices in the area achieve 6.2% annual growth.

New Land Registry figures show the average South Tyneside house price in March was £150,263 – out of step with the North East market, where prices increased 1.1%, and below the 0.3% rise nationally

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The figures show that, over the last year, the average sale price of property in South Tyneside rose by £8,800.

Owners of flats fared worst in South Tyneside in March. Prices dropped by 1.4% to an average of £87,066 – but over the last year, prices rose by 3%.

The price of a detached home was down 0.5% over the month – but up 10.1% annually – to an average of £287,329.

The value of a semi-detached fell by 0.6% monthly – but up 6.9% annually to an average of £167,927.

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Owners of terraced homes saw prices fall by 1.1% in March – but still up 5.5% annually to an average of £131,711.

First-time buyers in South Tyneside spent an average of £133,600 on their property – £7,300 more than a year ago, and £25,000 more than in March 2017.

The figures also show buyers in South Tyneside paid three per cent less than the average price in the North East – £155,000 - in March.

North East, property prices remain lower than the national average where prices rose to £278,000 in March.