South Tyne house prices stalled at end of year

The 0.8% drop in prices in December does not reverse the longer-term trend, which has seen property prices in the area achieve 7.1% annual growth.

Land Registry figures show the average house price in South Tyneside in December was £150,144.

Over the month, that was better than that across the North East, where prices decreased by 1.5% – to an average of £147,000 - but below the average rise of 0.8% nationally.

Over the last year, the average sale price of property in South Tyneside rose by £9,900.

Owners of flats fared worst in South Tyneside in December. Average prices dropped by 1.6% to £87,223 but over the last year, prices rose by 3.9%.

Detached homes saw a 0.4% monthly rise in values – and up 13% annually to an average of £290,146.

The average value of a semi-detached was down 0.8% over the month – but up 7.2% annually to an average of £167,427.

The value if terraced homes fell by 0.9% monthly – but were up 6.3% annually to £131,302 on average.

First-time buyers in South Tyneside spent an average of £133,200 on their property – £8,000 more than a year ago, and £21,600 more than in December 2016.

The figures show buyers in South Tyneside paid two per cent more than the average price in the North East for a property.

Nationally the average price of a home in December was £275,000.