North Tyneside house prices dropped more than North East average in November

House prices dropped by 1.3% – more than the average for the North East – in North Tyneside in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 2.8% over the last year.

The average North Tyneside house price in November was £210,278, Land Registry figures show – a 1.3% decrease on October.

Over the month, the picture was different to that across the North East, where prices decreased 0.2%, and North Tyneside was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in North Tyneside rose by £5,700 – putting the area second among the North East’s 12 local authorities with price data for annual growth.

The highest annual growth in the region was in South Tyneside, where property prices increased on average by 7.9%, to £172,000. At the other end of the scale, properties in Darlington lost 3.9% of their value, giving an average price of £156,000.

First steps on the property ladder

First-time buyers in North Tyneside spent an average of £177,900 on their property – £4,200 more than a year ago, and £38,800 more than in November 2018.

By comparison, former owner-occupiers paid £240,600 on average in November – 35.2% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in North Tyneside in November – they dropped 1.9% in price, to £198,697 on average. But over the last year, prices rose by 1.9%.

Among other types of property:

• Detached: down 0.7% monthly; up 6.8% annually; £404,966 average
• Semi-detached: down 1.6% monthly; up 2.7% annually; £231,619 average
• Flats: down 0.7% monthly; up 1.8% annually; £118,380 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 November. The average price paid would buy 1.7 homes in County Durham (£127,000), 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 is £285,000.

Factfile

Average property price in November

• North Tyneside: £210,278
• The North East:£159,871
• UK: £284,950

Annual change to November

• North Tyneside: +2.8%
• The North East: -0.4%
• UK: -2.1%

Highest and lowest annual growth in the North East

• South Tyneside: +7.9%
• Darlington: -3.9%