Home owners in South Tyneside have had a spring boost - with up to £5,000 being added to the value of their houses.
Figures from sales and lettings firm KIS show the North East housing market’s strong start to 2018 intensifying – with house prices rising 3.2% in April - adding £5,512 to the value of the average property.
The figures show South Shields and Killingworth to be North East property hotspots, boasting monthly property price growth of 5.1% and 6.6% respectively.
Prices previously rose 1.3% in March. An average property in the region was valued at £173,512 at the end of April - 4.2% higher than the £165,566 recorded twelve months ago – a leap of a little under £7,000 in cash terms.
All 20 of the areas surveyed recorded property price rises, with above average price growth recorded in Jarrow (4.5%), North Shields (4.2%) and Tynemouth (4.1%).
Ajay Jagota, managing director of the South Shields-based KIS Group said: “The strength of the North East property market appears to driven by places north of the Tyne - Tynemouth and Killingworth for example.
“But that growth is being shared south of it too, with South Shields and Jarrow homeowners seeing their homes gain 5% in value in just four weeks.
“Stable rents mean there is good news for tenants too, although with a caveat that the average North East renter will currently find themselves £861 out of pocket in deposit fees alone every time they move house - money which could be being used to save for a place of their own.”
“This is undoubtedly pricing people out of properties, which is terrible news for landlords and letting agents, who could be letting properties with zero deposit using deposit replacement insurance.”