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

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices increased by 3.8% – more than the average for the North East – in North Tyneside in March, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 7.6% annual growth.

The average North Tyneside house price in March was £193,554, Land Registry figures show – a 3.8% increase on February.

Over the month, the picture was better than that across the North East, where prices increased 1.1%, and North Tyneside outperformed 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 10th among the North East’s 12 local authorities with price data for annual growth.

The best annual growth in the region was in Sunderland, where property prices increased on average by 14.4%, to £142,000. At the other end of the scale, properties in Gateshead gained just 2.9% in value, giving an average price of £144,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in North Tyneside in March – they increased 4.6%, to £371,472 on average. Over the last year, prices rose by 13.8%.

Among other types of property:

Semi-detached: up 4% monthly; up 8% annually; £212,186 averageTerraced: up 3.6% monthly; up 6.3% annually; £181,793 averageFlats: up 3.1% monthly; up 3.5% annually; £110,661 average

First steps on the property ladder

First-time buyers in North Tyneside spent an average of £164,000 on their property – £10,000 more than a year ago, and £33,000 more than in March 2017.

By comparison, former owner-occupiers paid £221,000 on average in March – 34.9% 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 March. The average price paid would buy 1.6 homes in County Durham (£123,000), 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 £278,000.

Factfile

Average property price in March

North Tyneside: £193,554The North East:£154,913UK: £278,436

Annual growth to March

North Tyneside: +7.6%The North East: +8.7%UK: +9.8%

Best and worst annual growth in the North East

Sunderland: +14.4%Gateshead: +2.9%