South Tyneside house prices dropped slightly in May

House prices dropped slightly, by 0.6%, in South Tyneside in May, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 4.2% over the last year.

The average South Tyneside house price in May was £157,782, Land Registry figures show – a 0.6% decrease on April.

Over the month, the picture was similar to that across the North East, where prices decreased 1%, but South Tyneside was lower than the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in South Tyneside rose by £6,400 – putting the area sixth among the North East’s 12 local authorities with price data for annual growth.

The highest annual growth in the region was in Stockton, where property prices increased on average by 8%, to £167,000. At the other end of the scale, properties in Sunderland gained 0.5% in value, giving an average price of £137,000.

First steps on the property ladder

First-time buyers in South Tyneside spent an average of £140,100 on their property – £5,200 more than a year ago, and £26,900 more than in May 2018.

By comparison, former owner-occupiers paid £175,800 on average in May – 25.4% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest fall in property prices in South Tyneside in May – they dropped 0.9% in price, to £177,045 on average. But over the last year, prices rose by 4.5%.

Among other types of property:

• Detached: down 0.5% monthly; up 5.9% annually; £301,396 average
• Terraced: down 0.6% monthly; up 3.7% annually; £138,547 average
• Flats: down 0.3% monthly; up 3.5% annually; £90,384 average

How do property prices in South Tyneside compare?

Buyers paid 0.6% less than the average price in the North East (£159,000) in May 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 £286,000.

The most expensive properties in the North East were in North Tyneside – £207,000 on average, and 1.3 times the price as in South Tyneside. North Tyneside properties cost 1.6 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 May

• South Tyneside: £157,782
• The North East:£158,779
• UK: £285,861

Annual growth to May

• South Tyneside: +4.2%
• The North East: +4%
• UK: +1.9%

Highest and lowest annual growth in the North East

• Stockton: +8%
• Sunderland: +0.5%