SOUTH Shields is the North East’s housing hotspot, with prices rising faster than anywhere else in the region in the last year, according to the latest figures.
The KIS Housing Now report, which analyses prices across the country, shows the cost of a house in the town rose by an average of £10,598 in the year up to April.
South Shields homes are worth £11,000 more than this time last year, Blyth homes are worth £2 more.Ajay Jagota, KIS Group founder
North Shields is second, followed by Morpeth, Tynemouth and Newcastle.
Across the region, house prices are up 11.1 per cent over the last 12 months – but the rate of increase has flatlined since the turn of the year.
KIS Group founder and chief executive Officer Ajay Jagota said: “It’s striking how much the North East property market has turned around in the past 12 months, even if growth is non-existent right now.
“South Shields homes are worth £11,000 more than this time last year, Blyth homes are worth £2 more.
“Across the region, prices have spent another four weeks vegetating.
“It seems the prices we have at the moment are the new normal, for the time being at least. That doesn’t mean prices aren’t changing from area to area – in Blyth they’re up three per cent month-on-month and in South Shields up nearly five per cent over the first quarter.
“As a whole though, there’s a lot of pent-up energy to be released once the uncertainty of the General Election is over – especially with both of the parties guaranteed to be at least the largest party in the House of Commons pledged to cut Stamp Duty.
“At election time it’s crucial political parties of all persuasions ensure their policies and promises are aimed at the whole of the nation, not just London and the South East.
“Nowhere is making this distinction more vital than over an issue as fundamental as housing.”