Gateshead house prices dropped in July

House prices dropped by 1.5% 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 grow by 2.4% over the last year.

The average Gateshead house price in July was £155,400, Land Registry figures show – a 1.5% decrease on June.

Over the month, the picture was different to that across the North East, where prices increased 0.5%, and Gateshead was lower than the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Gateshead rose by £3,700 – 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 Hartlepool, where property prices increased on average by 9.4%, to £142,000. At the other end of the scale, properties in Darlington gained 0.7% in value, giving an average price of £159,000.

First steps on the property ladder

First-time buyers in Gateshead spent an average of £136,100 on their property – £2,800 more than a year ago, and £20,300 more than in July 2018.

By comparison, former owner-occupiers paid £176,900 on average in July – 30% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Gateshead in July – they dropped 1.8% in price, to £93,998 on average. But over the last year, prices rose by 2.1%.

Among other types of property:

• Detached: down 1.4% monthly; up 4% annually; £288,500 average
• Semi-detached: down 1.5% monthly; up 2.2% annually; £173,697 average
• Terraced: down 1.3% monthly; up 1.9% annually; £147,212 average

How do property prices in Gateshead compare?

Buyers paid 4.9% less than the average price in the North East (£163,000) 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 is £290,000.

The most expensive properties in the North East were in North Tyneside – £207,000 on average, and 1.3 times the price as in Gateshead. North Tyneside properties cost 1.6 times the price as homes in County Durham (£129,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in July

• Gateshead: £155,400
• The North East:£163,480
• UK: £289,824

Annual growth to July

• Gateshead: +2.4%
• The North East: +2.7%
• UK: +0.6%

Highest and lowest annual growth in the North East

• Hartlepool: +9.4%
• Darlington: +0.7%