Tyne and Wear house prices increased slightly in June

House prices increased slightly, by 0.6%, in Tyne and Wear in June, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10.7% annual growth.

The average Tyne and Wear house price in June was £155,283.3324, Land Registry figures show – a 0.6% increase on May.

Over the month, the picture was less good than that across the North East, where prices increased 5.8558116%, and Tyne and Wear underperformed compared to the 4.4989563% rise for the UK as a whole.

Over the last year, the average sale price of property in Tyne and Wear rose by £15,000 – putting the area eighth among the North East’s 13 local authorities for annual growth.

The best annual growth in the region was in Redcar and Cleveland, where property prices increased on average by 19.7%, to £139,000. At the other end of the scale, properties in Stockton gained 7.5% in value, giving an average price of £142,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Tyne and Wear in June – they increased 0.9%, to £290,124.4154 on average. Over the last year, prices rose by 12.7%.

Among other types of property:

Semi-detached: up 0.6% monthly; up 10.3% annually; £167,096.3185 averageTerraced: up 0.9% monthly; up 11.6% annually; £140,874.9124 averageFlats: down 0% monthly; up 8% annually; £102,058.2135 average

First steps on the property ladder

First-time buyers in Tyne and Wear spent an average of £135,000 on their property – £13,000 more than a year ago, and £16,000 more than in June 2016.

By comparison, former owner-occupiers paid £176,000 on average in June – 30.4% more than first-time buyers.

How do property prices in Tyne and Wear compare?

Buyers paid 3.9% more than the average price in the North East (£150,000) in June for a property in Tyne and Wear. Across the North East, property prices are low compared to those across the UK, where the average cost £266,000.

The most expensive properties in the North East were in Northumberland – £182,000 on average, and 1.2 times as much as in Tyne and Wear. Northumberland properties cost 1.5 times as much as homes in County Durham (£117,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).

Factfile

Average property price in June

Tyne and Wear: £155,283.3324The North East:£149,520.7492UK: £265,668.1787

Annual growth to June

Tyne and Wear: +10.7%The North East: +15.3%UK: +13.2%

Best and worst annual growth in the North East

Redcar and Cleveland: +19.7%Stockton: +7.5%