South Tyneside house prices dropped more than North East average in December

House prices dropped by 3.2% – more than the average for the North East – in South Tyneside in December, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.1% over the last year.

The average South Tyneside house price in December was £160,362, Land Registry figures show – a 3.2% decrease on November.

Over the month, the picture was different to that across the North East, where prices decreased 1.2%, and South Tyneside was lower than the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in South Tyneside rose by £230 – 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 Newcastle, where property prices increased on average by 4.6%, to £200,000. At the other end of the scale, properties in Hartlepool lost 7.8% of their value, giving an average price of £124,000.

First steps on the property ladder

First-time buyers in South Tyneside spent an average of £142,450 on their property – £360 less than a year ago, but £25,070 more than in December 2018.

By comparison, former owner-occupiers paid £178,710 on average in December – 25.5% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in South Tyneside in December – they dropped 3.5% in price, to £140,580 on average. Over the last year, prices dropped by 1%.

Among other types of property:

• Detached: down 2.7% monthly; up 3% annually; £307,462 average
• Semi-detached: down 2.9% monthly; up 1.3% annually; £181,566 average
• Flats: down 3.3% monthly; down 1.4% annually; £90,693 average

How do property prices in South Tyneside compare?

Buyers paid 1.8% more than the average price in the North East (£158,000) in December for a property in South Tyneside. Across the North East, property prices are low compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the North East were in North Tyneside – £210,000 on average, and 1.3 times the price as in South Tyneside. North Tyneside properties cost 1.7 times the price as homes in Hartlepool (£124,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in December

• South Tyneside: £160,362
• The North East:£157,557
• UK: £284,691

Annual change to December

• South Tyneside: +0.1%
• The North East: -0.8%
• UK: -1.4%

Highest and lowest annual growth in the North East

• Newcastle: +4.6%
• Hartlepool: -7.8%