South Tyneside house prices take a hit

House prices in South Tyneside took a hit in February, according to new figures
South Tyneside's February house price hitSouth Tyneside's February house price hit
South Tyneside's February house price hit

The 3.9% price drop on the previous month – more than the average for the North East – does not reverse the longer-term trend, which has seen property prices in the area grow by 0.5% over the year.

New Land Registry figures show that the average South Tyneside house price in February was £133,475 – just £630 up on the year.

In the North East, prices decreased by 1.6%.

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Owners of semi-detached houses fared worst in South Tyneside in February. Values dropped by 4% to an average of £148,892 but that remained 0.9% up on the year.

The price of a detached home fell by 3.9% over the month, up 0.9% annually to an average of £245,049.

Terraced home prices fell by 3.8% monthly – up 1.2% annually to an average of £117,528.

The value of flats fell by 3.6% on the month – down 2.5% annually to an average of £79,503.

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First-time buyers in South Tyneside spent an average of £119,090 on their property – £280 more than a year ago, and £11,060 more than in January 2016.

Buyers in South Tyneside paid 3.5% less than the average price in the North East – £138,000 - in February.

The most expensive properties in the North East were in North Tyneside – costing £176,000 on average.

Across the North East, property prices remain low compared to those across the UK, where the average cost of a home is £250,000.