Gateshead house prices dropped in June

House prices dropped by 2.9% in Gateshead in June, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 9.3% annual growth.

The average Gateshead house price in June was £139,227.0617, Land Registry figures show – a 2.9% decrease on May.

Over the month, the picture was worse than that across the North East, where prices increased 5.8558116%, and Gateshead underperformed compared to the 4.4989563% rise for the UK as a whole.

Over the last year, the average sale price of property in Gateshead rose by £12,000 – putting the area 11th among the North East’s 13 local authorities for annual growth.

The best annual growth in the region was in Redcar and Cleveland, where property prices increased on average by 19.7%, to £139,000. At the other end of the scale, properties in Stockton gained 7.5% in value, giving an average price of £142,000.

Winners and Losers

Owners of semi-detached houses fared worst in Gateshead in June – they dropped 3.1% in price, to £154,057.9532 on average. But over the last year, prices rose by 8.8%.

Among other types of property:

Detached: down 2.7% monthly; up 11.7% annually; £254,644.9611 averageTerraced: down 2.9% monthly; up 9.9% annually; £132,085.041 averageFlats: down 2.9% monthly; up 6.9% annually; £87,610.59871 average

First steps on the property ladder

First-time buyers in Gateshead spent an average of £122,500 on their property – £10,000 more than a year ago, and £9,300 more than in June 2016.

By comparison, former owner-occupiers paid £157,600 on average in June – 28.7% 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 (£150,000) in June for a property in Gateshead. Across the North East, property prices are low compared to those across the UK, where the average cost £266,000.

The most expensive properties in the North East were in Northumberland – £182,000 on average, and 1.3 times as much as in Gateshead. Northumberland properties cost 1.5 times as much as homes in County Durham (£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 June sale price of £1.2 million could buy 13 properties in Burnley (average £99,000).

Factfile

Average property price in June

Gateshead: £139,227.0617The North East:£149,520.7492UK: £265,668.1787

Annual growth to June

Gateshead: +9.3%The North East: +15.3%UK: +13.2%

Best and worst annual growth in the North East

Redcar and Cleveland: +19.7%Stockton: +7.5%