South Shields house prices hold firm during summer slowdown

Ajay Jagota
Ajay Jagota

The summer property market has brought a £5,000 hit for homeowners in South Tyneside - but they are still ahead of the game compared to last year, according to new figures.

The figures - from South Shields-based KIS -show the summer price slide continuing except in some property hotspots.

The firm points out however that, despite this, homes in places like South Shields are still worth more than they were this time last year.

Ajay Jagota, managing director of KIS Group, said: “Even though North East house prices are continuing to fall back – with areas North of the Tyne being hit particularly badly, there really is no cause for alarm, not least because the North East house market’s strong start to 2018 cushioned home owners from the current downturn.

“Property prices are falling year-on-year across Britain. In the North East they’ve stayed the same in places like South Shields, Gateshead, North Shields and Sunderland where prices have actually gone up.

“It is, however, fair to say that it is something of a buyer’s market right now.”

Many areas continue to see prices with property values Whitburn rising by 1.7% - performing strongest in percentage terms in the last year,

There has, however, been an average fall of £5000 in North East house prices this summer.

Hotspots are Whitburn and Killingworth which have been two of the region’s best performing areas in the last year.

Overall, North East property values shrunk by 2.98% in June.

The fall means that North East house prices are now falling year by year – albeit with prices just 0.09% down on those recorded in June 2017, a fall of £196 in cash terms.

Regional house prices had previously rose by 3.2% in April and 1.3% in March.

A typical North East home is currently worth £165,291, compared to £170,313 four weeks ago and £165,457 at the end of June 2017.

Renters in the region are slightly better off than they were four weeks ago, with average rents down £2 a month on four weeks ago, falling from £580 to £576 – costing tenants £48 a year.