North Tyneside house prices dropped slightly in December

House prices dropped slightly, by 0.2%, in North Tyneside in December, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 14.3% over the last year.

The average North Tyneside house price in December was £209,874, Land Registry figures show – a 0.2% decrease on November.

Over the month, the picture was similar to that across the North East, where prices decreased 0.5%, and North Tyneside was above the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in North Tyneside rose by £26,000 – putting the area fourth among the North East’s 12 local authorities with price data for annual growth.

The highest annual growth in the region was in Northumberland, where property prices increased on average by 18%, to £204,000. At the other end of the scale, properties in Sunderland gained 9.5% in value, giving an average price of £145,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in North Tyneside spent an average of £178,000 on their property – £22,000 more than a year ago, and £42,000 more than in December 2017.

By comparison, former owner-occupiers paid £239,000 on average in December – 33.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices North Tyneside in December – they dropped 0.4% in price, to £199,183 on average. But over the last year, prices rose by 14.8%.

Among other types of property:

Detached: up 0.1% monthly; up 16.4% annually; £397,138 averageSemi-detached: down 0.3% monthly; up 14.5% annually; £231,415 averageFlats: down 0.2% monthly; up 11.1% annually; £118,372 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 December. The average price paid would buy 1.6 homes in County Durham (£132,000), 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 £294,000.

Factfile

Average property price in December

North Tyneside: £209,874The North East:£163,731UK: £294,329

Annual growth to December

North Tyneside: +14.3%The North East: +11.7%UK: +9.8%

Highest and lowest annual growth in the North East

Northumberland: +18%Sunderland: +9.5%