House prices on the rise in Tynemouth

Tynemouth view'Picture by Jane Coltman
Tynemouth view'Picture by Jane Coltman

House prices in Tynemouth have risen the most in the last month, latest figures have revealed.

A survey by KIS Housing NOW has show that house prices in the region have fallen £15 in the last four weeks, with the average home now valued at £159,091.

But Tynemouth has bucked the trend, seeing the largest rise in the region up 2.8 per cent since September, while the average house price in North Shields rose 2.5 per cent.

And Killingworth has been named ‘Best to Invest’ in the survey.

Regionally, prices remain 2.3 per cent up over the course of 2015 and are 1.1 per cent higher than those recorded in October 2014.

Ajay Jagota, founder and managing director of local sales and lettings firm KIS Group, said: “Although house prices were all-but-unchanged between September and October, there continues to be good news in for renters, landlords and owner-occupiers alike in these figures.

“Property values are up 14 per cent since we started compiling these figures 18 months ago, and despite rental yields rising for landlords, rents themselves are down year-on-year and rising by less than £1 a week.

“Last month I speculated that north east house prices may well be consolidating the values they reached over the summer’s mini-boom, and this month’s figures do little to dissuade me from that view.

“In that sense they follow a pattern being set by the wider UK economy, with this week’s announcement of slightly reduced economic growth. What we are seeing is sustained and consolidated growth rather than volatile leaps forward or back, and that is no bad thing.

“There is more evidence too for my belief that the coming freeze in housing benefit will impact less than anticipated on the north east. Benefits may be about to freeze, but rents are £25 lower than this time last year, softening the blow considerably.

“Despite this, there is still an improved picture for landlords with overall yields rising by 0.5% since the General Election and assets appreciating by as much as £1000 a month over the past year.”