North Tyneside house prices dropped slightly in May

House prices dropped slightly, by 0.6%, in North Tyneside in May, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 7.6% over the last year.

The average North Tyneside house price in May was £206,644, Land Registry figures show – a 0.6% decrease on April.

Over the month, the picture was similar to that across the North East, where prices decreased 1%, but North Tyneside was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in North Tyneside rose by £15,000 – 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 Stockton, where property prices increased on average by 8%, to £167,000. At the other end of the scale, properties in Sunderland gained 0.5% in value, giving an average price of £137,000.

First steps on the property ladder

First-time buyers in North Tyneside spent an average of £175,000 on their property – £12,000 more than a year ago, and £40,000 more than in May 2018.

By comparison, former owner-occupiers paid £236,000 on average in May – 34.8% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest fall in property prices in North Tyneside in May – they dropped 0.9% in price, to £226,799 on average. But over the last year, prices rose by 7.1%.

Among other types of property:

• Detached: down 0.5% monthly; up 10.7% annually; £395,813 average
• Terraced: down 0.5% monthly; up 7.1% annually; £194,962 average
• Flats: down 0.2% monthly; up 6.4% annually; £117,285 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 May. The average price paid would buy 1.6 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 £286,000.

Factfile

Average property price in May

• North Tyneside: £206,644
• The North East:£158,779
• UK: £285,861

Annual growth to May

• North Tyneside: +7.6%
• The North East: +4%
• UK: +1.9%

Highest and lowest annual growth in the North East

• Stockton: +8%
• Sunderland: +0.5%