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

House prices dropped by 1.1% – more than the average for the North East – in South Tyneside in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 7.9% over the last year – the highest in the North East.

The average South Tyneside house price in November was £171,943, Land Registry figures show – a 1.1% decrease on October.

Over the month, the picture was different to that across the North East, where prices decreased 0.2%, and South Tyneside was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in South Tyneside rose by £13,000 – putting the area top among the North East’s 12 local authorities with price data for annual growth.

At the other end of the scale, properties in Darlington lost 3.9% of their value, giving an average price of £156,000.

First steps on the property ladder

First-time buyers in South Tyneside spent an average of £153,000 on their property – £11,000 more than a year ago, and £34,000 more than in November 2018.

By comparison, former owner-occupiers paid £192,000 on average in November – 25.6% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in South Tyneside in November – they dropped 1.5% in price, to £151,067 on average. But over the last year, prices rose by 6.8%.

Among other types of property:

• Detached: down 0.3% monthly; up 11% annually; £330,268 average
• Semi-detached: down 1.1% monthly; up 8.7% annually; £193,941 average
• Flats: down 0.4% monthly; up 6.7% annually; £97,420 average

How do property prices in South Tyneside compare?

Buyers paid 7.6% more than the average price in the North East (£160,000) in November 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 1.2 times the price as in South Tyneside. North Tyneside properties cost 1.7 times the price as homes in County Durham (£127,000 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 November

• South Tyneside: £171,943
• The North East:£159,871
• UK: £284,950

Annual change to November

• South Tyneside: +7.9%
• The North East: -0.4%
• UK: -2.1%

Highest and lowest annual growth in the North East

• South Tyneside: +7.9%
• Darlington: -3.9%