Gateshead house prices dropped more than North East average in December

House prices dropped by 1.4% – more than the average for the North East – in Gateshead in December, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.9% annual decline.

The average Gateshead house price in December was £148,320, Land Registry figures show – a 1.4% decrease on November.

Over the month, the picture was similar to that across the North East, where prices decreased 1.2%, and Gateshead was lower than the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Gateshead fell by £4,400 – putting the area 10th 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 4.6%, to £200,000. At the other end of the scale, properties in Hartlepool lost 7.8% of their value, giving an average price of £124,000.

First steps on the property ladder

First-time buyers in Gateshead spent an average of £130,200 on their property – £4,100 less than a year ago, but £11,000 more than in December 2018.

By comparison, former owner-occupiers paid £168,500 on average in December – 29.4% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Gateshead in December – they dropped 1.8% in price, to £139,822 on average. Over the last year, prices dropped by 3.9%.

Among other types of property:

• Detached: down 1.6% monthly; down 2.1% annually; £273,802 average
• Semi-detached: down 1.3% monthly; down 2.4% annually; £167,139 average
• Flats: down 1% monthly; down 2.4% annually; £89,943 average

How do property prices in Gateshead compare?

Buyers paid 5.9% less than the average price in the North East (£158,000) in December for a property in Gateshead. Across the North East, property prices are low compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the North East were in North Tyneside – £210,000 on average, and 1.4 times the price as in Gateshead. North Tyneside properties cost 1.7 times the price as homes in Hartlepool (£124,000 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 December

• Gateshead: £148,320
• The North East:£157,557
• UK: £284,691

Annual change to December

• Gateshead: -2.9%
• The North East: -0.8%
• UK: -1.4%

Highest and lowest annual growth in the North East

• Newcastle: +4.6%
• Hartlepool: -7.8%