North Tyneside house prices dropped in February

House prices dropped by 1.5% 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 8.9% annual growth.

The average North Tyneside house price in February was £202,726, Land Registry figures show – a 1.5% decrease on January.

Over the month, the picture was better than that across the North East, where prices decreased 2.3%, but North Tyneside underperformed compared to the 1% drop for the UK as a whole.

Over the last year, the average sale price of property in North Tyneside rose by £17,000 – putting the area eighth among the North East’s 12 local authorities with price data for annual growth.

The best annual growth in the region was in Stockton, where property prices increased on average by 11.8%, to £169,000. At the other end of the scale, properties in Sunderland gained just 5% in value, giving an average price of £141,000.

Winners and Losers

Owners of terraced houses fared worst in North Tyneside in February – they dropped 1.7% in price, to £192,484 on average. But over the last year, prices rose by 9.4%.

Among other types of property:

• Detached: down 1.2% monthly; up 11.1% annually; £382,570 average
• Semi-detached: down 1.6% monthly; up 9.1% annually; £223,508 average
• Flats: down 1.4% monthly; up 6% annually; £114,442 average

First steps on the property ladder

First-time buyers in North Tyneside spent an average of £172,000 on their property – £14,000 more than a year ago, and £35,000 more than in February 2018.

By comparison, former owner-occupiers paid £231,000 on average in February – 34.3% more than first-time buyers.

How do property prices in North Tyneside compare?

Buyers paid more for properties in North Tyneside than anywhere else in the North East in February. The average price paid would buy 1.5 homes in County Durham (£132,000), at the other end of the scale.

The highest property prices across the UK were in 160.

Across the North East, property prices are low compared to those across the UK, where the average cost £288,000.

Factfile

Average property price in February

• North Tyneside: £202,726
• The North East:£159,980
• UK: £287,506

Annual growth to February

• North Tyneside: +8.9%
• The North East: +7.6%
• UK: +5.5%

Best and worst annual growth in the North East

• Stockton: +11.8%
• Sunderland: +5%