Winter price chill for home owners

Land Registry figures show prices in the area fell by 1.1% in October, to an average of £155,540 – but that still represents a 5.2% increase over the last 12 months.

Over the month, the market was different to that across the North East, where prices increased by 1.9%, and nationally, where prices rose by 0.3%.

Over the last year, the average sale price of property in South Tyneside has increased by £7,700.

Average UK house prices increased by 12.6% in the year to October, to an average of £296,400, which was £33,000 higher than a year earlier.

Owners of flats saw the biggest fall in property prices South Tyneside in October. Values dropped by 1.5%, to an average of £88,407.

Over the last year, prices have risen by 1.8%.

Detached house prices were down by 0.7% over the month – but up 5.8% annually to an average of £292,059.

The value of a semi-detached fell by 1.1% monthly – up 5.7% annually – to £174,198 on average.

Terraced home prices fell by 1.1% in October to an average of £138,032 - up six per cent annually.

First-time buyers in South Tyneside spent an average of £138,500 on their property – £6,700 more than a year ago, and £23,100 more than in October 2017.

Buyers paid 7.6% less than the average price in the North East (£168,000) in October for a property in South Tyneside.