Property prices rise 9.6% in Tyneside town over past 12 months
- Tynemouth (+£16,488) sees biggest jump in cash terms
- Average annual house price growth for region of 3.3% – but house prices fall in Darlington, Peterlee and Easington.
North Shields has been named the North East’s property hotspot of 2016.
The Tyneside town has seen the region’s biggest house value growth over the last 12 months, with prices in December 2016 9.6% higher than those recorded at the same time last year – a jump of £16,410.
Tynemouth meanwhile has seen prices rise fastest in cash terms, with a typical property worth £16,788 more at the end of 2016 compared to 2015.
Other strong performers in 2016 – as revealed in figures collated by North East sales and lettings firm KIS – include Whitley Bay (+6.2%) and Killingworth (+6%).
Whitburn (+5.3%) was the strongest performer south of the Tyne.
Whitley Bay (+£15,418) and Whitburn (+£10,957) were also among the strongest performers in cash terms, joined by Durham City (£9706)
The average North East home is currently valued at £168,811 – a rise of £5314 since last Christmas, an increase of 3.3% in percentage terms.
Prices have fallen back slightly between November and December, with regional properties on average 1.8% cheaper than four weeks ago.
The areas to have seen the biggest value rises in percentage terms from December 2015 to December 2016 are:
- North Shields – 9.6%
- Whitley Bay – 7.3%
- Tynemouth – 6.2%
- Killingworth – 6%
- Whitburn – 5.3%
The areas to have seen the biggest value rises in cash terms are:
- Tynemouth – £16,788
- North Shields – £16,410
- Whitley Bay – £15,418
- Whitburn – £10,957
- Durham City – £9706.
Other areas performed less strongly, with three places seeing property values fall over the course of 2016.
Peterlee was the worst performer in percentage terms, with house values falling by 3.2% over the past 12 months. Darlington (-2.5%) and Easington (-0.6%) also saw prices fall.
Darlington was the poorest performing area in cash terms, with prices at the end of 2016 £4123 lower than the end of 2015.
The areas to have seen the lowest value rises in percentage terms from December 2015 to December 2016 are:
- Peterlee – – 3.2%
- Darlington – -2.5%
- Easington – -0.6%
- Washington – 0.6%
- Morpeth – 1%
The areas to have seen the lowest value rises in cash terms are:
- Darlington – -£4123
- Peterlee – -£3092
- Easington – -£154
- Washington – £918
- Blyth – £1416
Ajay Jagota of KIS Group and deposit-free renting solution Dlighted responded to the figures
“General consensus is that 2016 has been at best a mixed year, but that’s certainly not the case if you own a property north of the Tyne – particularly if that property is in North Shields, Whitley Bay or Tynemouth, where it’s value has risen by at least £15,000 since last Christmas.
“North Shields might not be the first place that comes to mind when you think of North East property hotspots, but statistically that’s what it is, with property values outstripping more fashionable areas.
“December is historically the quietest month for estate agents with people’s purchasing decisions focused elsewhere, so it’s no surprise to see prices fall back from last month.
“The buzz in the industry seems to be that house price growth in the regions may outstrip London and the South East in 2017 – and by the looks of the sustained and sustainable growth we’ve seen in 2016, there’s certainly some evidence to support that theory”.