North Tyneside house prices increased more than North East average in August
House prices increased by 4.9% – more than the average for the North East – in North Tyneside in August, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 7% over the last year.
The average North Tyneside house price in August was £216,905, Land Registry figures show – a 4.9% increase on July.
Over the month, the picture was different to that across the North East, where prices increased 1.3%, and North Tyneside was above the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in North Tyneside rose by £14,000 – 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 Newcastle, where property prices increased on average by 8.2%, to £204,000. At the other end of the scale, properties in Middlesbrough lost 1.3% of their value, giving an average price of £140,000.
First steps on the property ladder
First-time buyers in North Tyneside spent an average of £184,000 on their property – £12,000 more than a year ago, and £46,000 more than in August 2018.
By comparison, former owner-occupiers paid £248,000 on average in August – 35% more than first-time buyers.
Owners of semi-detached houses saw the biggest rise in property prices in North Tyneside in August – they increased 5.2%, to £238,896 on average. Over the last year, prices rose by 7%.
Among other types of property:
- Detached: up 5.1% monthly; up 10.7% annually; £413,116 average
- Terraced: up 4.9% monthly; up 6.4% annually; £205,724 average
- Flats: up 4.4% monthly; up 5.4% annually; £122,226 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 August. The average price paid would buy 1.7 homes in County Durham (£130,000), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).
Across the North East, property prices are low compared to those across the UK, where the average cost is £291,000.
Average property price in August
- North Tyneside: £216,905
- The North East:£165,366
- UK: £291,044
Annual growth to August
- North Tyneside: +7%
- The North East: +3.6%
- UK: +0.2%
Highest and lowest annual growth in the North East
- Newcastle: +8.2%
- Middlesbrough: -1.3%