South Tyneside house prices increased more than North East average in August
House prices increased by 2.2% – more than the average for the North East – in South Tyneside in August, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 7% over the last year.
The average South Tyneside house price in August was £166,814, Land Registry figures show – a 2.2% increase on July.
Over the month, the picture was different to that across the North East, where prices increased 1.3%, and South Tyneside was above the 0.3% rise for the UK as a whole.
Over the last year, the average sale price of property in South Tyneside rose by £11,000 – putting the area third among the North East’s 12 local authorities with price data for annual growth.
The highest annual growth in the region was in Newcastle, where property prices increased on average by 8.2%, to £204,000. At the other end of the scale, properties in Middlesbrough lost 1.3% 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 £148,100 on their property – £9,100 more than a year ago, and £28,500 more than in August 2018.
By comparison, former owner-occupiers paid £185,900 on average in August – 25.5% more than first-time buyers.
Owners of semi-detached houses saw the biggest rise in property prices in South Tyneside in August – they increased 2.4%, to £187,525 on average. Over the last year, prices rose by 7.5%.
Among other types of property:
- Detached: up 2.3% monthly; up 9% annually; £316,515 average
- Terraced: up 2.2% monthly; up 6.3% annually; £147,075 average
- Flats: up 1.6% monthly; up 5.6% annually; £94,850 average
How do property prices in South Tyneside compare?
Buyers paid 0.9% more than the average price in the North East (£165,000) in August 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 – £217,000 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 (£1.4 million).
Average property price in August
- South Tyneside: £166,814
- The North East:£165,366
- UK: £291,044
Annual growth to August
- South Tyneside: +7%
- The North East: +3.6%
- UK: +0.2%
Highest and lowest annual growth in the North East
- Newcastle: +8.2%
- Middlesbrough: -1.3%