South Tyneside house prices increased in June

House prices increased by 1.1% in South Tyneside in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.5% over the last year.

The average South Tyneside house price in June was £161,466, Land Registry figures show – a 1.1% increase on May.

Over the month, the picture was different to that across the North East, where prices increased 1.8%, but South Tyneside was above the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in South Tyneside rose by £7,000 – putting the area seventh 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 7.1%, to £195,000. At the other end of the scale, properties in Darlington gained 0.9% in value, giving an average price of £159,000.

First steps on the property ladder

First-time buyers in South Tyneside spent an average of £143,400 on their property – £5,700 more than a year ago, and £27,400 more than in June 2018.

By comparison, former owner-occupiers paid £179,800 on average in June – 25.3% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in South Tyneside in June – they increased 1.3%, to £92,647 on average. Over the last year, prices rose by 3.8%.

Among other types of property:

• Detached: up 0.7% monthly; up 5.8% annually; £306,251 average
• Semi-detached: up 1% monthly; up 5% annually; £181,255 average
• Terraced: up 1.2% monthly; up 3.8% annually; £141,813 average

How do property prices in South Tyneside compare?

Buyers paid roughly the same as the average price in the North East (£161,000) in June 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 £288,000.

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 (£128,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, with an average price of £1.3 million.

Factfile

Average property price in June

• South Tyneside: £161,466
• The North East:£161,034
• UK: £287,546

Annual growth to June

• South Tyneside: +4.5%
• The North East: +4.7%
• UK: +1.7%

Highest and lowest annual growth in the North East

• Northumberland: +7.1%
• Darlington: +0.9%