Gateshead house prices increased more than North East average in June

House prices increased by 3.5% – 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 5.1% over the last year.

The average Gateshead house price in June was £158,799, Land Registry figures show – a 3.5% increase on May.

Over the month, the picture was different to that across the North East, where prices increased 1.8%, and Gateshead was above the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Gateshead rose by £7,600 – 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 Northumberland, where property prices increased on average by 7.1%, to £195,000. At the other end of the scale, properties in Darlington gained 0.9% in value, giving an average price of £159,000.

First steps on the property ladder

First-time buyers in Gateshead spent an average of £139,200 on their property – £6,400 more than a year ago, and £24,700 more than in June 2018.

By comparison, former owner-occupiers paid £180,600 on average in June – 29.8% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Gateshead in June – they increased 3.7%, to £149,834 on average. Over the last year, prices rose by 4.2%.

Among other types of property:

• Detached: up 3.2% monthly; up 6.4% annually; £294,982 average
• Semi-detached: up 3.4% monthly; up 5.1% annually; £177,740 average
• Flats: up 3.6% monthly; up 4.8% annually; £96,333 average

How do property prices in Gateshead compare?

Buyers paid 1.4% less than the average price in the North East (£161,000) in June 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 – £207,000 on average, and 1.3 times the price as in Gateshead. North Tyneside properties cost 1.6 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, with an average price of £1.3 million.

Factfile

Average property price in June

• Gateshead: £158,799
• The North East:£161,034
• UK: £287,546

Annual growth to June

• Gateshead: +5.1%
• The North East: +4.7%
• UK: +1.7%

Highest and lowest annual growth in the North East

• Northumberland: +7.1%
• Darlington: +0.9%