Summer boost for South Tyne home owners

Home owners in South Tyneside got a summer boost as the value of their properties increased.

Summer house price boost.
Summer house price boost.

New figures from the Land Registry show prices in the area increased by 1.3% in July and added to the longer-term trend, which has seen property values achieve an annual growth rate of 7.8%.

The figures show the average price paid for a house in South Tyneside in July was £157,981.

Over the month, the 1.3% rise was less than across the North East, where prices increased by 3.7%, and below the two per cent rise for the market nationally.

Over the last year, the average sale price of property in South Tyneside has risen by £11,000.

Owners of terraced houses saw the biggest improvement in property prices in July. Values increased by 1.4%, to an average of £140,180 - 8.2% up ovefr the last year.

Detached home prices increased by 0.7% monthly – up 9.1% annually – to an average of £293,915.

The price of a semi-detached house increased by 1.3% over the month – up 8.7% annually – to an average of £176,814.

Flat prices were up by 1.2% over the month – and up four per cent annually – to £90,685 on average.

First-time buyers in South Tyneside spent an average of £140,800 on their property – £9,900 more than a year ago, and £27,700 more than in July 2017.

Buyers paid 3.2% less than the average price in the North East – £163,000 – in July for a property in South Tyneside.