North Tyneside house prices increased more than North East average in August

House prices increased by 3% – more than the average for the North East – in North Tyneside in August, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 7.9% annual growth.

The average North Tyneside house price in August was £178,715, Land Registry figures show – a 3% increase on July.

Over the month, the picture was better than that across the North East, where prices increased 2.4%, and North Tyneside outperformed the 2.9% rise for the UK as a whole.

Over the last year, the average sale price of property in North Tyneside rose by £13,000 – putting the area 12th among the North East’s 13 local authorities for annual growth.

The best annual growth in the region was in County Durham, where property prices increased on average by 16.6%, to £120,000. At the other end of the scale, properties in Gateshead gained 7.2% in value, giving an average price of £143,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in North Tyneside in August – they increased 3.9%, to £332,972 on average. Over the last year, prices rose by 12.3%.

Among other types of property:

Semi-detached: up 3.2% monthly; up 7.7% annually; £195,724 averageTerraced: up 2.9% monthly; up 7.6% annually; £168,777 averageFlats: up 2.1% monthly; up 4.5% annually; £104,445 average

First steps on the property ladder

First-time buyers in North Tyneside spent an average of £151,400 on their property – £9,700 more than a year ago, and £19,100 more than in August 2016.

By comparison, former owner-occupiers paid £204,000 on average in August – 34.7% more than first-time buyers.

How do property prices in North Tyneside compare?

Buyers paid 19.9% more than the average price in the North East (£149,000) in August for a property in North Tyneside. Across the North East, property prices are low compared to those across the UK, where the average cost £264,000.

The most expensive properties in the North East were in Northumberland – £185,000 on average, and 3% in North Tyneside. Northumberland properties cost 1.5 times as much as homes in County Durham (£120,000 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 August

North Tyneside: £178,715The North East:£149,042UK: £264,244

Annual growth to August

North Tyneside: +7.9%The North East: +13.3%UK: +10.6%

Best and worst annual growth in the North East

County Durham: +16.6%Gateshead: +7.2%