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.
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.
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.
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.
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.
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.
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.