Gateshead house prices increased more than North East average in June

House prices increased by 2.3% – more than the average for the North East – in Gateshead in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 9.5% over the last year.

The average Gateshead house price in June was £153,448, Land Registry figures show – a 2.3% increase on May.

Over the month, the picture was different to that across the North East, where prices increased 1.7%, and Gateshead was above the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in Gateshead rose by £13,000 – putting the area fifth 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 16.5%, to £141,000. At the other end of the scale, properties in Northumberland gained 2.9% in value, giving an average price of £184,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in Gateshead spent an average of £135,000 on their property – £11,000 more than a year ago, and £19,000 more than in June 2017.

By comparison, former owner-occupiers paid £174,000 on average in June – 29.1% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Gateshead in June – they increased 2.6%, to £146,053 on average. Over the last year, prices rose by 9.4%.

Among other types of property:

Detached: up 1.6% monthly; up 11.9% annually; £283,235 averageSemi-detached: up 2.3% monthly; up 10.3% annually; £171,575 averageFlats: up 2.4% monthly; up 5% annually; £92,643 average

How do property prices in Gateshead compare?

Buyers paid 2.8% less than the average price in the North East (£158,000) in June for a property in Gateshead. Across the North East, property prices are lower than those across the UK, where the average cost £286,000.

The most expensive properties in the North East were in North Tyneside – £199,000 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 (£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 June

Gateshead: £153,448The North East:£157,924UK: £286,397

Annual growth to June

Gateshead: +9.5%The North East: +3.6%UK: +7.8%

Highest and lowest annual growth in the North East

Middlesbrough: +16.5%Northumberland: +2.9%