Summer boost for South Tyne home owners

New figures from the Land Registry show prices in the area increased by 1.3% in July and added to the longer-term trend, which has seen property values achieve an annual growth rate of 7.8%.

The figures show the average price paid for a house in South Tyneside in July was £157,981.

Over the month, the 1.3% rise was less than across the North East, where prices increased by 3.7%, and below the two per cent rise for the market nationally.

Over the last year, the average sale price of property in South Tyneside has risen by £11,000.

Owners of terraced houses saw the biggest improvement in property prices in July. Values increased by 1.4%, to an average of £140,180 - 8.2% up ovefr the last year.

Detached home prices increased by 0.7% monthly – up 9.1% annually – to an average of £293,915.

The price of a semi-detached house increased by 1.3% over the month – up 8.7% annually – to an average of £176,814.

Flat prices were up by 1.2% over the month – and up four per cent annually – to £90,685 on average.

First-time buyers in South Tyneside spent an average of £140,800 on their property – £9,900 more than a year ago, and £27,700 more than in July 2017.

Buyers paid 3.2% less than the average price in the North East – £163,000 – in July for a property in South Tyneside.