South Tyneside housing market stalls
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.
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Hide AdThe figures show that, over the last year, the average sale price of property in South Tyneside rose by £9,200.
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.#
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Hide AdThe 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.