South Tyneside house prices increased in September

House prices increased by 2.6% in South Tyneside in September, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 9.8% over the last year – the highest in the North East.

The average South Tyneside house price in September was £170,306, Land Registry figures show – a 2.6% increase on August.

Over the month, the picture was different to that across the North East, where prices decreased 2%, and South Tyneside was above the 0.5% drop for the UK as a whole.

Over the last year, the average sale price of property in South Tyneside rose by £15,000 – 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 Middlesbrough lost 3.8% of their value, giving an average price of £140,000.

First steps on the property ladder

First-time buyers in South Tyneside spent an average of £151,000 on their property – £13,000 more than a year ago, and £32,000 more than in September 2018.

By comparison, former owner-occupiers paid £190,000 on average in September – 25.5% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in South Tyneside in September – they increased 3.4%, to £326,498 on average. Over the last year, prices rose by 13%.

Among other types of property:

How do property prices in South Tyneside compare?

Buyers paid 4.2% more than the average price in the North East (£163,000) in September 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 £291,000.

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 (£130,000 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 September

• South Tyneside: £170,306
• The North East:£163,368
• UK: £291,385

Annual change to September

• South Tyneside: +9.8%
• The North East: +1.6%
• UK: -0.1%

Highest and lowest annual growth in the North East

• South Tyneside: +9.8%
• Middlesbrough: -3.8%