Winter price chill for home owners

Home owners in South Tyneside have seen an early winter drop house values, new figures show.
Early winter house price chill.Early winter house price chill.
Early winter house price chill.

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%.

Hide Ad
Hide Ad

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%.

Hide Ad
Hide Ad

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.

Hide Ad
Hide Ad

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