Spring boost for South Tyneside home owners

Home owners in South Tyneside got a spring boost when average house prices in the borough increased in April, according to new figures.

South Tyneside house prices boost
South Tyneside house prices boost

Land Registry figures show prices increased by 3.1% in South Tyneside in April – and this contributes to the longer-term trend, which has seen property values in the area achieve 16.8% annual growth.

The average price for a house in South Tyneside in April was £148,293 – and the monthly increase was better than that across the North East, where prices decreased 1.7%. The housing market in South Tyneside also outperformed the 1.9% drop for the UK as a whole.

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Over the last year, the average sale price of property in the borough rose by £21,000.

The best annual growth in the region was in Hartlepool, where property prices increased on average by 20.1%, to £125,000.

At the other end of the scale, properties in Northumberland gained 6.4% in value, giving an average price of £165,000.

The owners of semi-detached houses in South Tyneside saw the biggest improvement in property prices in April. Prices rose by 3.2%, over the month to an average of £165,097 and 17% annually.

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Detached home values rose by 2.7% monthly – 17% annually – to an average of £273,391.

The price of a terraced home increased by 3.1% monthly – 17.7% annually – to an average of £130,749.

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The value of flats rose by 3.1% on the month – up 13.8% annually – to an average of £88,024.

First-time buyers in South Tyneside spent an average of £132,000 on their property – £19,000 more than a year ago, and £21,000 more than in April 2016.

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Buyers in South Tyneside paid 3% more than the average price in the North East – £144,000 - in April.

Across the region, property prices remain low compared to national values and the average price of a home in the UK stood £251,000 in April.

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The most expensive properties in the North East were in North Tyneside – £186,000 on average.

The highest property prices nationally were in Kensington and Chelsea, where the average April sale price was £1.1m.