North Tyneside house prices increased slightly in June
House prices increased slightly, by 0.3%, 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 5.9% over the last year.
The average North Tyneside house price in June was £206,837, Land Registry figures show – a 0.3% increase on May.
Over the month, the picture was different to that across the North East, where prices increased 1.8%, and North Tyneside was lower than the 0.7% rise for the UK as a whole.
Over the last year, the average sale price of property in North Tyneside rose by £11,000 – 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 Northumberland, where property prices increased on average by 7.1%, to £195,000. At the other end of the scale, properties in Darlington gained 0.9% in value, giving an average price of £159,000.
First steps on the property ladder
First-time buyers in North Tyneside spent an average of £175,300 on their property – £9,300 more than a year ago, and £38,500 more than in June 2018.
By comparison, former owner-occupiers paid £236,000 on average in June – 34.6% more than first-time buyers.
Owners of terraced houses saw the biggest rise in property prices in North Tyneside in June – they increased 0.5%, to £195,408 on average. Over the last year, prices rose by 5.3%.
Among other types of property:
- Detached: down 0.1% monthly; up 8.5% annually; £392,475 average
- Semi-detached: up 0.3% monthly; up 5.8% annually; £227,529 average
- Flats: up 0.5% monthly; up 4.8% annually; £117,540 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 (£128,000), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.
Across the North East, property prices are low compared to those across the UK, where the average cost is £288,000.
Average property price in June
- North Tyneside: £206,837
- The North East:£161,034
- UK: £287,546
Annual growth to June
- North Tyneside: +5.9%
- The North East: +4.7%
- UK: +1.7%
Highest and lowest annual growth in the North East
- Northumberland: +7.1%
- Darlington: +0.9%