Summer boost for South Tyne home owners
Home owners in South Tyneside enjoyed a summer boost in house prices, according to new figures.
Land Registry figures show house prices in the area increased by 2.1% in July - contributing to the longer-term trend, which has seen prices achieve 13.4% annual growth.
The average South Tyneside house price in July was £149,545.
Across the North East, prices in July decreased by 3.5% and 3.7% nationally.
Over the last year, the average sale price of property in South Tyneside rose by £18,000.
Owners of flats saw the biggest improvement in prices – increasing by 2.6% to an average of £89,413. Over the last year, prices rose by 11.3%.
The value of a detached home rose by 2.1% over the month – up 14.9% annually to an average of £277,352.
Semi-detached house prices were up 2.2% monthly – and 13.3% annually to an average of £166,193.
The price of a terraced home rose by 1.8% month o month – up 14% annually to an average of £131,574.
First-time buyers in South Tyneside spent an average of £133,000 on their property – £15,000 more than a year ago, and £22,000 more than in July 2016.
Buyers paid 3.2% more than the average price in the North East – £145,000 - in July for a property in South Tyneside.
Across the North East, property prices remain low compared to the rest of the UK, where the average cost is £256,000.
The most expensive properties in the North East were in Northumberland – £180,000 on average.