South Tyneside house prices held steady in February

House prices remained steady in South Tyneside in February, new figures show.

The lack of movement maintains the longer-term trend, which has seen property prices in the area achieve 6.6% annual growth.

The average South Tyneside house price in February was £150,007, Land Registry figures show – largely unchanged from January.

Over the month, the picture was worse than that across the North East, where prices increased 1.2%, and South Tyneside underperformed compared to the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in South Tyneside rose by £9,200 – putting the area 10th among the North East’s 12 local authorities with price data for annual growth.

The best annual growth in the region was in Sunderland, where property prices increased on average by 13.4%, to £140,000. At the other end of the scale, properties in Gateshead gained just 3.2% in value, giving an average price of £142,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in South Tyneside in February – they increased 0.3%, to £87,570 on average. Over the last year, prices rose by 4%.

Among other types of property:

Detached: up 0.2% monthly; up 10.4% annually; £285,824 averageSemi-detached: up 0% monthly; up 6.9% annually; £167,196 averageTerraced: down 0.1% monthly; up 6% annually; £131,582 average

First steps on the property ladder

First-time buyers in South Tyneside spent an average of £133,300 on their property – £7,700 more than a year ago, and £20,600 more than in February 2017.

By comparison, former owner-occupiers paid £167,000 on average in February – 25.2% more than first-time buyers.

How do property prices in South Tyneside compare?

Buyers paid 1.7% less than the average price in the North East (£153,000) in February for a property in South Tyneside. Across the North East, property prices are roughly the same as those across the UK, where the average cost £277,000.

The most expensive properties in the North East were in Northumberland – £184,000 on average, and 1.2 times as much as more than in South Tyneside. Northumberland properties cost 1.5 times as much as homes in County Durham (£123,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in February

South Tyneside: £150,007The North East:£152,551UK: £276,755

Annual growth to February

South Tyneside: +6.6%The North East: +9.4%UK: +10.9%

Best and worst annual growth in the North East

Sunderland: +13.4%Gateshead: +3.2%