Gateshead house prices dropped slightly in November

House prices dropped slightly, by 0.3%, in Gateshead in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 7.6% over the last year – though still the lowest in the North East.

The average Gateshead house price in November was £155,800, Land Registry figures show – a 0.3% decrease on October.

Over the month, the picture was different to that across the North East, where prices decreased 2.6%.

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

The highest annual growth in the region was in Middlesbrough, where property prices increased on average by 15.9%, to £150,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3% in the year to November, slowing from 12.4% in October.

Nathan Emerson, CEO of Propertymark, which represents estate agents, said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers which was a trend we hadn’t seen in months."

And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as rates stabilise a little following the turbulence of 2022.”

First steps on the property ladder

First-time buyers in Gateshead spent an average of £136,700 on their property – £9,500 more than a year ago, and £21,400 more than in November 2017.

By comparison, former owner-occupiers paid £177,000 on average in November – 29.5% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices Gateshead in November – they dropped 0.4% in price, to £92,835 on average. But over the last year, prices rose by 3.7%.

Among other types of property:

Detached: down 0.2% monthly; up 8.6% annually; £289,004 averageSemi-detached: down 0.2% monthly; up 8.2% annually; £174,758 averageTerraced: down 0.3% monthly; up 8.3% annually; £148,353 average

How do property prices in Gateshead compare?

Buyers paid 4.2% less than the average price in the North East (£163,000) in November for a property in Gateshead. Across the North East, property prices are lower than those across the UK, where the average cost £295,000.

The most expensive properties in the North East were in North Tyneside – £208,000 on average, and 1.3 times as much as more than in Gateshead. North Tyneside properties cost 1.5 times as much as homes in County Durham (£136,000 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 November

Gateshead: £155,800The North East:£162,596UK: £294,910

Annual growth to November

Gateshead: +7.6%The North East: +11.6%UK: +10.3%

Highest and lowest annual growth in the North East

Middlesbrough: +15.9%Gateshead: +7.6%