North Tyneside house prices increased in January

House prices increased by 1.1% in North Tyneside in January, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 6.2% annual growth.

The average North Tyneside house price in January was £185,356, Land Registry figures show – a 1.1% increase on December.

Over the month, the picture was less good than that across the North East, where prices increased 1.7%, but North Tyneside outperformed the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in North Tyneside rose by £11,000 – putting the area 10th among the North East’s 12 local authorities with price data for annual growth.

The best annual growth in the region was in Hartlepool, where property prices increased on average by 12.6%, to £130,000. At the other end of the scale, properties in Gateshead gained just 3.3% in value, giving an average price of £141,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in North Tyneside in January – they increased 1.4%, to £106,894 on average. Over the last year, prices rose by 2.4%.

Among other types of property:

Detached: up 0.5% monthly; up 12.1% annually; £351,504 averageSemi-detached: up 1.1% monthly; up 6.2% annually; £202,992 averageTerraced: up 1.2% monthly; up 5% annually; £174,423 average

First steps on the property ladder

First-time buyers in North Tyneside spent an average of £156,800 on their property – £7,800 more than a year ago, and £24,700 more than in January 2017.

By comparison, former owner-occupiers paid £212,000 on average in January – 35.2% more than first-time buyers.

How do property prices in North Tyneside compare?

Buyers paid 22.9% more than the average price in the North East (£151,000) in January for a property in North Tyneside. Across the North East, property prices are high compared to those across the UK, where the average cost £274,000.

The most expensive properties in the North East were in Newcastle – £186,000 on average, and 0% more than in North Tyneside. Newcastle properties cost 1.6 times as much as homes in County Durham (£119,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in January

North Tyneside: £185,356The North East:£150,787UK: £273,762

Annual growth to January

North Tyneside: +6.2%The North East: +8.3%UK: +9.6%

Best and worst annual growth in the North East

Hartlepool: +12.6%Gateshead: +3.3%