Gateshead house prices dropped slightly in September
House prices dropped slightly, by 0.1%, in Gateshead in September, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 3.9% over the last year.
The average Gateshead house price in September was £157,440, Land Registry figures show – a 0.1% decrease on August.
Over the month, the picture was different to that across the North East, where prices decreased 2%, and Gateshead was above the 0.5% drop for the UK as a whole.
Over the last year, the average sale price of property in Gateshead rose by £5,800 – putting the area fourth 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 9.8%, to £170,000. At the other end of the scale, properties in Middlesbrough lost 3.8% of their value, giving an average price of £140,000.
First steps on the property ladder
First-time buyers in Gateshead spent an average of £138,000 on their property – £4,800 more than a year ago, and £21,000 more than in September 2018.
By comparison, former owner-occupiers paid £179,100 on average in September – 29.8% more than first-time buyers.
Owners of terraced houses saw the biggest fall in property prices in Gateshead in September – they dropped 0.3% in price, to £149,040 on average. But over the last year, prices rose by 2.9%.
Among other types of property:
- Detached: up 0.2% monthly; up 5.5% annually; £292,533 average
- Semi-detached: down 0% monthly; up 3.8% annually; £176,297 average
- Flats: down 0.1% monthly; up 4.2% annually; £95,189 average
How do property prices in Gateshead compare?
Buyers paid 3.6% less than the average price in the North East (£163,000) in September for a property in Gateshead. Across the North East, property prices are low compared to those across the UK, where the average cost is £291,000.
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 (£130,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in September
- Gateshead: £157,440
- The North East:£163,368
- UK: £291,385
Annual change to September
- Gateshead: +3.9%
- The North East: +1.6%
- UK: -0.1%
Highest and lowest annual growth in the North East
- South Tyneside: +9.8%
- Middlesbrough: -3.8%