South Tyneside house prices increased in December
House prices increased by 1.2% in South Tyneside in December, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 11.5% over the last year.
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Hide AdThe average South Tyneside house price in December was £162,890, Land Registry figures show – a 1.2% increase on November.
Over the month, the picture was different to that across the North East, where prices decreased 0.5%, and South Tyneside was above the 0.4% drop for the UK as a whole.
Over the last year, the average sale price of property in South Tyneside rose by £17,000 – putting the area 10th 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 18%, to £204,000. At the other end of the scale, properties in Sunderland gained 9.5% in value, giving an average price of £145,000.
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Hide AdThe average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.
It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.
First steps on the property ladder
First-time buyers in South Tyneside spent an average of £145,000 on their property – £15,000 more than a year ago, and £30,000 more than in December 2017.
By comparison, former owner-occupiers paid £181,000 on average in December – 24.4% more than first-time buyers.
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Owners of flats saw the biggest rise in property prices in South Tyneside in December – they increased 1.4%, to £92,993 on average. Over the last year, prices rose by 8.9%.
Among other types of property:
Detached: up 1.1% monthly; up 11.1% annually; £305,703 averageSemi-detached: up 1.2% monthly; up 11.9% annually; £182,508 averageTerraced: up 1% monthly; up 12.4% annually; £144,233 average
How do property prices in South Tyneside compare?
Buyers paid 0.5% less than the average price in the North East (£164,000) in December for a property in South Tyneside. Across the North East, property prices are roughly the same as those across the UK, where the average cost £294,000.
The most expensive properties in the North East were in North Tyneside – £210,000 on average, and 1.3 times as much as more than in South Tyneside. North Tyneside properties cost 1.6 times as much as homes in County Durham (£132,000 average), at the other end of the scale.
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Factfile
Average property price in December
South Tyneside: £162,890The North East:£163,731UK: £294,329
Annual growth to December
South Tyneside: +11.5%The North East: +11.7%UK: +9.8%
Highest and lowest annual growth in the North East
Northumberland: +18%Sunderland: +9.5%