Gateshead house prices dropped slightly in October

House prices dropped slightly, by 0.7%, in Gateshead in October, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area remain level.

The average Gateshead house price in October was £152,993, Land Registry figures show – a 0.7% decrease on September.

Over the month, the picture was different to that across the North East, where prices remained static.

Over the last year, the average sale price of property in Gateshead rose by £11 – 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 South Tyneside, where property prices increased on average by 12.2%, to £172,000. At the other end of the scale, properties in Middlesbrough lost 3.3% of their value, giving an average price of £141,000.

First steps on the property ladder

First-time buyers in Gateshead spent an average of £134,170 on their property – £210 less than a year ago, but £16,460 more than in October 2018.

By comparison, former owner-occupiers paid £173,990 on average in October – 29.7% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Gateshead in October – they dropped 0.9% in price, to £144,900 on average. Over the last year, prices dropped by 0.7%.

Among other types of property:

• Detached: down 0.4% monthly; up 1.4% annually; £284,254 average
• Semi-detached: down 0.7% monthly; up 0.4% annually; £172,174 average
• Flats: down 0.6% monthly; down 0.2% annually; £91,881 average

How do property prices in Gateshead compare?

Buyers paid 5.1% less than the average price in the North East (£161,000) in October for a property in Gateshead. Across the North East, property prices are low compared to those across the UK, where the average cost is £288,000.

The most expensive properties in the North East were in North Tyneside – £215,000 on average, and 1.4 times the price as in Gateshead. North Tyneside properties cost 1.7 times the price as homes in County Durham (£128,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

• Gateshead: £152,993
• The North East:£161,237
• UK: £287,782

Annual change to October

• Gateshead: 0%
• The North East: +0.2%
• UK: -1.2%

Highest and lowest annual growth in the North East

• South Tyneside: +12.2%
• Middlesbrough: -3.3%