Summer price boost for home owners

Homeowners in South Tyneside got a mid-summer boost as house prices jumped, new figures show.
House price boost.House price boost.
House price boost.

House prices in the area increased by 3.9% in June - to an average of £158,549, Land Registry figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 8.7% over the last year.

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Over the month, the picture was different to that across the North East, where prices increased 1.7%, and the South Tyneside market was also above the one per cent national rise in prices.

The data also shows that over the last year, the average sale price of property in South Tyneside rose by £13,000.

Experts say an imbalance between supply and demand for properties is the primary reason behind house prices climbing throughout the pandemic.

First-time buyers in South Tyneside spent an average of £141,000 on their property – £11,000 more than a year ago, and £29,000 more than in June 2017.

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Owners of terraced houses saw the biggest rise in property prices in South Tyneside in June – increasing by 4.1%, to an average of £140,556 and up by 8.8% annually.

The value of a detached house rose by 3.3% over the month – up 10.6% annually – to an average of £296,683.

Semi-detached home values were up 3.8% monthly – and 9.6% annually - to an average of £177,197.

The price of flats increased by 3.9% monthly – up 4.8% annually – to £91,100 on average.

The average house price in the North East was £158,000 in June.