North Tyneside house prices dropped in February

House prices dropped by 1.2% in North Tyneside in February, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 3.3% annual growth.

The average North Tyneside house price in February was £181,917, Land Registry figures show – a 1.2% decrease on January.

Over the month, the picture was worse than that across the North East, where prices increased 1.2%, and North 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 North Tyneside rose by £5,800 – putting the area 11th 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 terraced houses fared worst in North Tyneside in February – they dropped 1.4% in price, to £171,158 on average. But over the last year, prices rose by 2.2%.

Among other types of property:

Detached: down 0.8% monthly; up 8.7% annually; £345,562 averageSemi-detached: down 1.3% monthly; up 3.4% annually; £199,124 averageFlats: down 1% monthly; down 0% annually; £104,951 average

First steps on the property ladder

First-time buyers in North Tyneside spent an average of £154,000 on their property – £3,800 more than a year ago, and £21,400 more than in February 2017.

By comparison, former owner-occupiers paid £207,800 on average in February – 34.9% more than first-time buyers.

How do property prices in North Tyneside compare?

Buyers paid 19.3% more than the average price in the North East (£153,000) in February for a property in North Tyneside. Across the North East, property prices are higher than 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% more than in North 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

North Tyneside: £181,917The North East:£152,551UK: £276,755

Annual growth to February

North Tyneside: +3.3%The North East: +9.4%UK: +10.9%

Best and worst annual growth in the North East

Sunderland: +13.4%Gateshead: +3.2%