Gateshead house prices increased slightly in August

House prices increased slightly, by 0.3%, in Gateshead in August, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.5% over the last year.

The average Gateshead house price in August was £156,310, Land Registry figures show – a 0.3% increase on July.

Over the month, the picture was different to that across the North East, where prices increased 1.3%.

Over the last year, the average sale price of property in Gateshead rose by £5,300 – putting the area ninth among the North East’s 12 local authorities with price data for annual growth.

The highest annual growth in the region was in Newcastle, where property prices increased on average by 8.2%, to £204,000. At the other end of the scale, properties in Middlesbrough lost 1.3% of their value, giving an average price of £140,000.

First steps on the property ladder

First-time buyers in Gateshead spent an average of £137,000 on their property – £4,200 more than a year ago, and £19,800 more than in August 2018.

By comparison, former owner-occupiers paid £178,000 on average in August – 29.9% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Gateshead in August – they increased 0.6%, to £175,151 on average. Over the last year, prices rose by 3.6%.

Among other types of property:

• Detached: up 0.4% monthly; up 5.2% annually; £290,025 average
• Terraced: up 0.4% monthly; up 2.7% annually; £148,025 average
• Flats: down 0.1% monthly; up 3.2% annually; £94,334 average

How do property prices in Gateshead compare?

Buyers paid 5.5% less than the average price in the North East (£165,000) in August for a property in Gateshead. Across the North East, property prices are low compared to those across the UK, where the average cost is £291,000.

The most expensive properties in the North East were in North Tyneside – £217,000 on average, and 1.4 times the price as in Gateshead. North Tyneside properties cost 1.7 times the price as homes in County Durham (£130,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).

Factfile

Average property price in August

• Gateshead: £156,310
• The North East:£165,366
• UK: £291,044

Annual growth to August

• Gateshead: +3.5%
• The North East: +3.6%
• UK: +0.2%

Highest and lowest annual growth in the North East

• Newcastle: +8.2%
• Middlesbrough: -1.3%