Gateshead house prices dropped in July

File photo dated 14/10/14 of sold and for sale signs. A scramble by buyers to complete before the stamp duty holiday started winding down pushed UK house prices to a record high in June, official figures show. House prices rose by 13.2% over the year to June, faster than at any point since November 2004, according to the Office for National Statistics (ONS). Issue date: Wednesday August 18, 2021.

House prices dropped by 1.9% in Gateshead in July, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 3.4% annual growth – though still the lowest in the North East.

The average Gateshead house price in July was £134,951, Land Registry figures show – a 1.9% decrease on June.

Over the month, the picture was better than that across the North East, where prices decreased 3.5%, and Gateshead outperformed the 3.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Gateshead rose by £4,500 – putting the area bottom among the North East’s 13 local authorities for annual growth.

The best annual growth in the region was in Darlington, where property prices increased on average by 16.4%, to £147,000.

Winners and Losers

Owners of detached houses fared worst in Gateshead in July – they dropped 2.3% in price, to £85,140 on average. But over the last year, prices rose by 5.4%.

Among other types of property:

Semi-detached: down 1.9% monthly; up 3.2% annually; £149,517 averageTerraced: down 2% monthly; up 4% annually; £127,986 averageFlats: down 1.3% monthly; up 1% annually; £85,140 average

First steps on the property ladder

First-time buyers in Gateshead spent an average of £118,800 on their property – £3,500 more than a year ago, and £4,300 more than in July 2016.

By comparison, former owner-occupiers paid £152,800 on average in July – 28.6% more than first-time buyers.

How do property prices in Gateshead compare?

Buyers paid 6.9% less than the average price in the North East (£145,000) in July for a property in Gateshead. Across the North East, property prices are low compared to those across the UK, where the average cost £256,000.

The most expensive properties in the North East were in Northumberland – £180,000 on average, and 1.3 times as much as in Gateshead. Northumberland properties cost 1.5 times as much as homes in Hartlepool (£117,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average July sale price of £1.3 million could buy 13 properties in Burnley (average £101,000).

Factfile

Average property price in July

Gateshead: £134,951The North East:£144,935UK: £255,535

Annual growth to July

Gateshead: +3.4%The North East: +10.8%UK: +8%

Best and worst annual growth in the North East

Darlington: +16.4%Gateshead: +3.4%