South Tyneside housing market stalls

House prices in South Tyneside stalled at around £150,000 in February, new figures show.

By Katie Williams
Wednesday, 13th April 2022, 2:00 pm
House prices stall.
House prices stall.

The Land Registry figures, however, show the the longer-term trend, which has seen property prices in the area achieve 6.6% annual growth, has been maintained

The average South Tyneside house price in February was £150,007 largely unchanged from January – and below the regional trend, where prices increased by 1.2%, and the 0.5% rise for the UK as a whole.

The figures show that, over the last year, the average sale price of property in South Tyneside rose by £9,200.

Sign up to our daily newsletter

The best annual growth in the region was in Sunderland, where prices increased by 13.4%, to an average of £140,000.

Owners of flats in the borough saw the biggest improvement in property prices in February. They increased in value by 0.3%, to an average of £87,570, and were up annually by four per cent.

Detached home prices were up 0.2% monthly – and up 10.4% annually – to an average of £285,824.#

The average value of a semi-detached remained at £167,196 over the month – but up over the year by 6.9%.

Terraced house prices were down 0.1% the month – but up six per cent annually – to an average of £131,582.

The data shows first-time buyers in South Tyneside spent an average of £133,300 on their property – £7,700 more than a year ago, and £20,600 more than in February 2017.

Buyers in the area paid 1.7% less than the average price in the North East (£153,000) in February for a property.

Nationally the average price of a house reached £277,000 in February.