In previous work (Lee et al., 2016, 2017), Lee et al. introduced a new Smooth Particle Hydrodynamics (SPH) computational framework for large strain explicit solid dynamics with special emphasis on the treatment of near incompressibility. A first order system of hyperbolic equations was presented expressed in terms of the linear momentum and the minors of the deformation, namely the deformation gradient, its co-factor and its Jacobian. Taking advantage of this representation, the suppression of numerical deficiencies (e.g. spurious pressure, long term instability and/or consistency issues) was addressed through well-established stabilisation procedures. In Lee et al. (2016), the adaptation of the very efficient Jameson–Schmidt–Turkel algorithm was presented. Lee et al. (2017) introduced an adapted variationally consistent Streamline Upwind Petrov–Galerkin methodology. In this paper, we now introduce a third alternative stabilisation strategy, extremely competitive, and which does not require the selection of any user-defined artificial stabilisation parameter. Specifically, a characteristic-based Riemann solver in conjunction with a linear reconstruction procedure is used, with the aim to guarantee both consistency and conservation of the overall algorithm. We show that the proposed SPH formulation is very similar in nature to that of the upwind vertex centred Finite Volume Method presented in Aguirre et al. (2015). In order to extend the application range towards the incompressibility limit, an artificial compressibility algorithm is also developed. Finally, an extensive set of challenging numerical examples is analysed. The new SPH algorithm shows excellent behaviour in compressible, nearly incompressible and truly incompressible scenarios, yielding second order of convergence for velocities, deviatoric and volumetric components of the stress.