North Tyneside house prices held steady in September

House prices remained steady in North Tyneside in September, new figures show.

The lack of movement maintains the longer-term trend, which has seen property prices in the area grow by 14.8% over the last year.

The average North Tyneside house price in September was £206,623, Land Registry figures show – largely unchanged from August.

Over the month, the picture was different to that across the North East, where prices increased 0.3%.

Over the last year, the average sale price of property in North Tyneside rose by £27,000 – 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 Northumberland, where property prices increased on average by 15.2%, to £203,000. At the other end of the scale, properties in Gateshead gained 5.3% in value, giving an average price of £153,000.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".

The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.

Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes."

“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts," he added.

First steps on the property ladder

First-time buyers in North Tyneside spent an average of £175,000 on their property – £22,000 more than a year ago, and £41,000 more than in September 2017.

By comparison, former owner-occupiers paid £236,000 on average in September – 34.5% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices North Tyneside in September – they dropped 0.6% in price, to £116,587 on average. But over the last year, prices rose by 10.4%.

Among other types of property:

Detached: up 0% monthly; up 17.6% annually; £386,804 averageSemi-detached: up 0.2% monthly; up 15.2% annually; £228,020 averageTerraced: up 0.1% monthly; up 15.4% annually; £196,646 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 September. The average price paid would buy 1.5 homes in County Durham (£133,000), 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 £295,000.

Factfile

Average property price in September

North Tyneside: £206,623The North East:£163,768UK: £294,559

Annual growth to September

North Tyneside: +14.8%The North East: +5.8%UK: +9.5%

Highest and lowest annual growth in the North East

Northumberland: +15.2%Gateshead: +5.3%