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

House prices increased by 1.8% – more than the average for the North East – in North Tyneside in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 10.5% over the last year.

The average North Tyneside house price in June was £199,496, Land Registry figures show – a 1.8% increase on May.

Over the month, the picture was similar to that across the North East, where prices increased 1.7%, and North Tyneside was above the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in North Tyneside rose by £19,000 – putting the area third among the North East’s 12 local authorities with price data for annual growth.

The highest annual growth in the region was in Middlesbrough, where property prices increased on average by 16.5%, to £141,000. At the other end of the scale, properties in Northumberland gained 2.9% in value, giving an average price of £184,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in North Tyneside spent an average of £170,000 on their property – £15,000 more than a year ago, and £37,000 more than in June 2017.

By comparison, former owner-occupiers paid £227,000 on average in June – 33.9% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in North Tyneside in June – they increased 2.1%, to £189,728 on average. Over the last year, prices rose by 10.4%.

Among other types of property:

Detached: up 1.1% monthly; up 13.9% annually; £373,647 averageSemi-detached: up 1.8% monthly; up 11.3% annually; £219,413 averageFlats: up 1.9% monthly; up 6.2% annually; £113,494 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 June. The average price paid would buy 1.6 homes in County Durham (£124,000), 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 £286,000.

Factfile

Average property price in June

North Tyneside: £199,496The North East:£157,924UK: £286,397

Annual growth to June

North Tyneside: +10.5%The North East: +3.6%UK: +7.8%

Highest and lowest annual growth in the North East

Middlesbrough: +16.5%Northumberland: +2.9%