Gateshead house prices increased in July

House prices increased by 2% in Gateshead in July, new figures show.

House prices increased by 2% in Gateshead in July, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.1% annual growth.

The average Gateshead house price in July was £156,362, Land Registry figures show –a 2% increase on June.

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    Over the month, the picture was less good than that across the North East, where prices increased 3.7%.

    Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

    But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

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    Over the last year, the average sale price of property in Gateshead rose by £16,000 – putting the area fifth among the North East’s 12 local authorities with price data for annual growth.

    The best annual growth in the region was in Middlesbrough, where property prices increased on average by 14%, to £141,000. At the other end of the scale, properties in Northumberland gained just 5.3% in value, giving an average price of £188,000.

    Winners and Losers

    Owners of terraced houses saw the biggest improvement in property prices in Gateshead in July – they increased 2.1%, to £148,977 on average. Over the last year, prices rose by 11.3%.

    Among other types of property:

    Detached: up 1.6% monthly; up 13.5% annually; £287,656 averageSemi-detached: up 2% monthly; up 12% annually; £175,090 averageFlats: up 1.8% monthly; up 6.4% annually; £94,200 average

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    First steps on the property ladder

    First-time buyers in Gateshead spent an average of £137,000 on their property – £13,000 more than a year ago, and £23,000 more than in July 2017.

    By comparison, former owner-occupiers paid £177,000 on average in July – 29.1% more than first-time buyers.

    How do property prices in Gateshead compare?

    Buyers paid 4.2% less than the average price in the North East (£163,000) in July for a property in Gateshead. Across the North East, property prices are lower than those across the UK, where the average cost £292,000.

    The most expensive properties in the North East were in North Tyneside – £203,000 on average, and 1.3 times as much as more than in Gateshead. North Tyneside properties cost 1.6 times as much as homes in County Durham (£128,000 average), at the other end of the scale.

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    The highest property prices across the UK were in Kensington and Chelsea.

    Factfile

    Average property price in July

    Gateshead: £156,362The North East:£163,237UK: £292,118

    Annual growth to July

    Gateshead: +11.1%The North East: +15.5%UK: +15.5%

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    Best and worst annual growth in the North East

    Middlesbrough: +14%Northumberland: +5.3%