South Tyneside house prices increased in October

By Will Grimond, Data Reporter
Published 20th Dec 2023, 16:08 BST
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
House prices increased by 1.5% in South Tyneside in October, new figures show.

House prices increased by 1.5% in South Tyneside in October, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 12.2% over the last year – the highest in the country.

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The average South Tyneside house price in October was £172,070, Land Registry figures show – a 1.5% increase on September.

Over the month, the picture was different to that across the North East, where prices remained static, and South Tyneside was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in South Tyneside rose by £19,000 – putting the area top of the UK’s local authorities for annual growth.

At the other end of the scale, properties in Middlesbrough lost 3.3% of their value, giving an average price of £141,000.

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First steps on the property ladder

First-time buyers in South Tyneside spent an average of £153,000 on their property – £16,000 more than a year ago, and £34,000 more than in October 2018.

By comparison, former owner-occupiers paid £192,000 on average in October – 25.3% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in South Tyneside in October – they increased 2.2%, to £329,194 on average. Over the last year, prices rose by 15%.

Among other types of property:

Semi-detached:
Terraced:
Flats:

How do property prices in South Tyneside compare?

Buyers paid 6.7% more than the average price in the North East (£161,000) in October 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.

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The most expensive properties in the North East were in North Tyneside – £215,000 on average, and 1.3 times the price as in South Tyneside. North Tyneside properties cost 1.7 times the price as homes in County Durham (£128,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

  • South Tyneside: £172,070
  • The North East:£161,237
  • UK: £287,782

Annual change to October

  • South Tyneside: +12.2%
  • The North East: +0.2%
  • UK: -1.2%

Highest and lowest annual growth in the North East

  • South Tyneside: +12.2%
  • Middlesbrough: -3.3%