South Tyneside house price rises stall

New Land Registry figures show the average house price in the borough in August was £149,470 – the same as in July – but 13.3% up on last year.

Over the month, the area lagged behind the rest of the North East, where prices increased by 2.4%, and nationally where there was a 2.9% rise.

Over the last year, the average sale price of property in South Tyneside rose by £18,000.

Owners of detached houses saw the biggest improvement in property prices in August.

They increased by 0.6%, to £279,930 on average. Over the last year, values have risen by 16.2%.

The value of a semi-detached home was up 0.3% over the month – and 13.6% annually – to an average of £166,951.

Prices for a terraced house fell by 0.1% monthly, but was still up 13.3% annually to an average of £131,213.

The price of flats fell by 0.8% monthly to an average of £88,o99 – up 10.6% annually.

First-time buyers in South Tyneside spent an average of £133,000 on their property – £15,000 more than a year ago, and £19,000 more than in August 2016.

Buyers paid roughly the same as the average price in the North East – £149,000 - in August for a property in South Tyneside but regional property prices remain low compared to those across the UK, where the average cost is £264,000.

The most expensive properties in the North East were in Northumberland – at £185,000 on average,