Gateshead house prices increased slightly in March

File photo dated 14/10/14 of a sold and for sale signs. A gradual slowdown in the housing market in Scotland is likely as the cost-of-living crisis bites, a report has warned. House prices in Scotland continue to edge upwards but indicators are softening slightly, according to the Royal Institution of Chartered Surveyors (Rics) latest survey. Issue date: Thursday May 12, 2022.

House prices increased slightly, by 0.3%, in Gateshead in March, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 2.9% annual growth – though still the lowest in the North East.

The average Gateshead house price in March was £144,222, Land Registry figures show – a 0.3% increase on February.

Over the month, the picture was less good than that across the North East, where prices increased 1.1%.

Over the last year, the average sale price of property in Gateshead rose by £4,000 – 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 14.4%, to £142,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Gateshead in March – they increased 0.8%, to £271,662 on average. Over the last year, prices rose by 7.2%.

Among other types of property:

Semi-detached: up 0.5% monthly; up 3.7% annually; £161,230 averageTerraced: up 0.1% monthly; up 2% annually; £135,716 averageFlats: down 0.4% monthly; down 1.2% annually; £87,647 average

First steps on the property ladder

First-time buyers in Gateshead spent an average of £126,400 on their property – £2,800 more than a year ago, and £17,700 more than in March 2017.

By comparison, former owner-occupiers paid £164,100 on average in March – 29.9% 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 (£155,000) in March for a property in Gateshead. Across the North East, property prices are lower than those across the UK, where the average cost £278,000.

The most expensive properties in the North East were in North Tyneside – £194,000 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 (£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 March

Gateshead: £144,222The North East:£154,913UK: £278,436

Annual growth to March

Gateshead: +2.9%The North East: +8.7%UK: +9.8%

Best and worst annual growth in the North East

Sunderland: +14.4%Gateshead: +2.9%