North Tyneside house prices increased slightly in November

House prices increased slightly, by 0.8%, in North Tyneside in November, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 11.8% over the last year.

The average North Tyneside house price in November was £207,903, Land Registry figures show – a 0.8% increase on October.

Over the month, the picture was different to that across the North East, where prices decreased 2.6%, and North Tyneside was above the 0.3% drop for the UK as a whole.

Over the last year, the average sale price of property in North Tyneside rose by £22,000 – putting the area fifth 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 15.9%, to £150,000. At the other end of the scale, properties in Gateshead gained 7.6% in value, giving an average price of £156,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in North Tyneside spent an average of £176,000 on their property – £18,000 more than a year ago, and £41,000 more than in November 2017.

By comparison, former owner-occupiers paid £237,000 on average in November – 34.4% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in North Tyneside in November – they increased 1%, to £390,953 on average. Over the last year, prices rose by 13.4%.

Among other types of property:

Semi-detached: up 0.9% monthly; up 12.2% annually; £229,416 averageTerraced: up 0.8% monthly; up 12.7% annually; £197,976 averageFlats: up 0.7% monthly; up 8% annually; £116,922 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 November. The average price paid would buy 1.5 homes in County Durham (£136,000), 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 £295,000.

Factfile

Average property price in November

North Tyneside: £207,903The North East:£162,596UK: £294,910

Annual growth to November

North Tyneside: +11.8%The North East: +11.6%UK: +10.3%

Highest and lowest annual growth in the North East

Middlesbrough: +15.9%Gateshead: +7.6%