South Tyneside house prices increased more than North East average in July

House prices increased by 2.2% – more than the average for the North East – in South Tyneside in July, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 5.3% over the last year.

The average South Tyneside house price in July was £163,971, Land Registry figures show – a 2.2% increase on June.

Over the month, the picture was different to that across the North East, where prices increased 0.5%, and South Tyneside was above 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 £8,200 – putting the area fourth among the North East’s 12 local authorities with price data for annual growth.

The highest annual growth in the region was in Hartlepool, where property prices increased on average by 9.4%, to £142,000. At the other end of the scale, properties in Darlington gained 0.7% in value, giving an average price of £159,000.

First steps on the property ladder

First-time buyers in South Tyneside spent an average of £145,600 on their property – £6,800 more than a year ago, and £27,500 more than in July 2018.

By comparison, former owner-occupiers paid £182,700 on average in July – 25.4% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in South Tyneside in July – they increased 2.4%, to £144,583 on average. Over the last year, prices rose by 4.8%.

Among other types of property:

• Detached: up 2.2% monthly; up 7.2% annually; £311,343 average
• Semi-detached: up 2.2% monthly; up 5.6% annually; £183,928 average
• Flats: up 1.8% monthly; up 4.1% annually; £93,528 average

How do property prices in South Tyneside compare?

Buyers paid roughly the same as the average price in the North East (£163,000) in July for a property in South Tyneside. Across the North East, property prices are low compared to those across the UK, where the average cost is £290,000.

The most expensive properties in the North East were in North Tyneside – £207,000 on average, and 1.3 times the price as in South Tyneside. North Tyneside properties cost 1.6 times the price as homes in County Durham (£129,000 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 July

• South Tyneside: £163,971
• The North East:£163,480
• UK: £289,824

Annual growth to July

• South Tyneside: +5.3%
• The North East: +2.7%
• UK: +0.6%

Highest and lowest annual growth in the North East

• Hartlepool: +9.4%
• Darlington: +0.7%