Summer boost for South Tyneside home owners

Homeowners in South Tyneside got a summer boost as house prices jumped by 1.4% in June, according to new figures.
House prices are rising in South TynesideHouse prices are rising in South Tyneside
House prices are rising in South Tyneside

But the raise in prices between May and June does not reverse the longer-term trend, which has seen property prices in the area fall by 4.1% on the year.

The average South Tyneside house price in June was £130,046, Land Registry figures show – a 1.4% increase on May.

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The picture was less good than that across the North East, where prices increased 2.9% between May and June, but prices in the borough outperformed the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in South Tyneside remained level – putting the area 10th among the North East’s 12 local authorities for annual value growth.

The best annual housed price growth in the region was in Northumberland, where properties increased on average by 5.6%, to an average of £160,000.

At the other end of the scale, properties in Middlesbrough dropped 8.3% in value, giving an average price in the area of £103,000.

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Owners of semi-detached houses on the South Tyneside saw the biggest improvement in property prices in June – they increased 1.5%, to £144,650 on average but that represents a drop of 3.6% over the year.

The price of detached homes rose by 1.4% on the month but remained down by 2.7% annually – to an average of £241,068.

The price of flats rose by 0.9% on the month – but were down 7.0% annually to an average of £78,222.

First-time buyers in South Tyneside spent an average of £​116,100 on their property – ​£5,100 less than a year ago, ​and ​£9,300 more than in June 2015.

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Buyers in South Tyneside paid 1.3% less than the average price in the North East – £132,000 – in June.

Across the North East, property prices remained relatively low compared to those across the UK – where the average cost was £238,000.

The highest property prices in the country were in Kensington and Chelsea, in London, where the average June sale price was £1.4m.