North Tyneside house prices dropped in April

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices dropped by 1.4% in North Tyneside in April, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 6.4% over the last year.

The average North Tyneside house price in April was £204,499, Land Registry figures show – a 1.4% decrease on March.

Over the month, the picture was different to that across the North East, where prices increased 1.8%, and North Tyneside was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in North Tyneside rose by £12,000 – putting the area sixth among the North East’s 12 local authorities with price data for annual growth.

The highest annual growth in the region was in Darlington, where property prices increased on average by 8.1%, to £162,000. At the other end of the scale, properties in Sunderland lost 0.4% of their value, giving an average price of £136,000.

First steps on the property ladder

First-time buyers in North Tyneside spent an average of £173,000 on their property – £10,000 more than a year ago, and £37,000 more than in April 2018.

By comparison, former owner-occupiers paid £233,000 on average in April – 34.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in North Tyneside in April – they dropped 1.8% in price, to £192,659 on average. But over the last year, prices rose by 6.1%.

Among other types of property:

Detached: down 0.8% monthly; up 9.9% annually; £392,831 average
Semi-detached: down 1.5% monthly; up 6.5% annually; £225,243 average
Flats: down 1.4% monthly; up 4.3% annually; £115,607 average

How do property prices in North Tyneside compare?

Buyers paid more for properties in North Tyneside than anywhere else in the North East in April. The average price paid would buy 1.6 homes in County Durham (£128,000), at the other end of the scale.

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

Across the North East, property prices are low compared to those across the UK, where the average cost £286,000.

Factfile

Average property price in April

North Tyneside: £204,499
The North East:£159,900
UK: £286,489

Annual growth to April

North Tyneside: +6.4%
The North East: +5.5%
UK: +3.5%

Highest and lowest annual growth in the North East

Darlington: +8.1%
Sunderland: -0.4%