Gateshead house prices increased slightly in February

EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.

House prices increased slightly, by 0.7%, in Gateshead in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 3.2% annual growth – though still the lowest in the North East.

The average Gateshead house price in February was £142,094, Land Registry figures show – a 0.7% increase on January.

Over the month, the picture was less good than that across the North East, where prices increased 1.2%, but Gateshead outperformed the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Gateshead rose by £4,400 – putting the area bottom among the North East’s 12 local authorities with price data for annual growth.

The best annual growth in the region was in Sunderland, where property prices increased on average by 13.4%, to £140,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Gateshead in February – they increased 0.8%, to £87,159 on average. Over the last year, prices dropped by 0.3%.

Among other types of property:

Detached: up 0.8% monthly; up 7.2% annually; £265,935 averageSemi-detached: up 0.7% monthly; up 3.7% annually; £158,390 averageTerraced: up 0.5% monthly; up 2.5% annually; £134,030 average

First steps on the property ladder

First-time buyers in Gateshead spent an average of £124,600 on their property – £3,200 more than a year ago, and £14,600 more than in February 2017.

By comparison, former owner-occupiers paid £161,600 on average in February – 29.8% more than first-time buyers.

How do property prices in Gateshead compare?

Buyers paid 6.9% less than the average price in the North East (£153,000) in February for a property in Gateshead. Across the North East, property prices are lower than those across the UK, where the average cost £277,000.

The most expensive properties in the North East were in Northumberland – £184,000 on average, and 1.3 times as much as more than in Gateshead. Northumberland properties cost 1.5 times as much as homes in County Durham (£123,000 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 February

Gateshead: £142,094The North East:£152,551UK: £276,755

Annual growth to February

Gateshead: +3.2%The North East: +9.4%UK: +10.9%

Best and worst annual growth in the North East

Sunderland: +13.4%Gateshead: +3.2%