North Tyneside house prices increased in July

House prices increased by 3% in North Tyneside in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 13.7% annual growth.

The average North Tyneside house price in July was £203,341, Land Registry figures show –a 3% increase on June.

Over the month, the picture was less good than that across the North East, where prices increased 3.7%, but North Tyneside outperformed the 2% rise for the UK as a whole.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in North Tyneside rose by £25,000 – putting the area third among the North East’s 12 local authorities with price data for annual growth.

The best annual growth in the region was in Middlesbrough, where property prices increased on average by 14%, to £141,000. At the other end of the scale, properties in Northumberland gained just 5.3% in value, giving an average price of £188,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in North Tyneside in July – they increased 3.1%, to £193,683 on average. Over the last year, prices rose by 14%.

Among other types of property:

Detached: up 2.6% monthly; up 16.6% annually; £378,637 averageSemi-detached: up 3.1% monthly; up 14.5% annually; £224,151 averageFlats: up 2.8% monthly; up 9.2% annually; £115,570 average

First steps on the property ladder

First-time buyers in North Tyneside spent an average of £173,000 on their property – £20,000 more than a year ago, and £39,000 more than in July 2017.

By comparison, former owner-occupiers paid £231,000 on average in July – 33.7% more than first-time buyers.

How do property prices in North Tyneside compare?

Buyers paid more for properties in North Tyneside than anywhere else in the North East in July. The average price paid would buy 1.6 homes in County Durham (£128,000), 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 £292,000.

Factfile

Average property price in July

North Tyneside: £203,341The North East:£163,237UK: £292,118

Annual growth to July

North Tyneside: +13.7%The North East: +15.5%UK: +15.5%

Best and worst annual growth in the North East

Middlesbrough: +14%Northumberland: +5.3%