Town is named property hotspot
North Tyneside towns are dominating the region's property market in terms of price rises, figures have revealed.
North Shields has been named the North East’s property hotspot for 2016 in new figures released by sales and lettings firm KIS Group.
It has seen the region’s biggest house value growth over the last 12 months, with prices in December 2016 9.6 per cent higher than those recorded at the same time last year – a jump of £16,410.
In a North Tyneside dominated top five, Whitley Bay came second (7.3 per cent rise), Tynemouth was third with a 6.2 per cent rise and Killingworth was fourth (six per cent).
Tynemouth has seen prices rise fastest in cash terms, with a typical property worth £16,788 more at the end of 2016 compared to 2015.
North Shields was second with an average cash rise of £16,410 while Whitley Bay came third with £15,418.
The average North East home is currently valued at £168,811 – a rise of £5,314 since last Christmas.
Ajay Jagota, of KIS Group, said: “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 its 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.”