South Tyneside house prices jump despite regional trend

Land Registry data shows prices in the area increased by 3.6% in November – despite a decrease of 2.6% across the North East and a 0.3% drop nationally.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 9.2% over the last year and the average value of a home in the area reached £161,710.

Over the last year, the average sale price of property in South Tyneside rose by £14,000.

The average UK house price edged down to £295,000 in November, from the previous month's record high of £296,000.

Owners of terraced houses in South Tyneside saw the biggest rise in property prices in November.

Values increased by 3.6%, to £143,498 on average. Over the last year, prices have risen by 10.2%.

The value of a detached home was up 3.5% monthly – and 9.3% annually to an average of £303,418.

Semi-detached home values increased by 3.6% over the month – up 9.7% annually – to £181,165 average.

The price of flats also increased by 3.5% in November – up 5.8% annually – to an average of £91,900.

The data shows first-time buyers in South Tyneside spent an average of £144,000 on their property – £12,000 more than a year ago, and £28,000 more than in November 2017.

Buyers paid 0.5% less than the average price in the North East (£163,000) in November for a property in South Tyneside.

The most expensive properties in the North East were in North Tyneside – £208,000 on average.

Nathan Emerson, CEO of Propertymark – which represents estate agents - said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers, which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as interest rates stabilise a little following the turbulence of 2022.”