Gateshead house prices increased slightly in May

House prices increased slightly, by 0.6%, in Gateshead in May, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.1% over the last year.

The average Gateshead house price in May was £154,023, Land Registry figures show – a 0.6% increase on April.

Over the month, the picture was different to that across the North East, where prices decreased 1%, and Gateshead was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Gateshead rose by £6,000 – putting the area seventh among the North East’s 12 local authorities with price data for annual growth.

The highest annual growth in the region was in Stockton, where property prices increased on average by 8%, to £167,000. At the other end of the scale, properties in Sunderland gained 0.5% in value, giving an average price of £137,000.

First steps on the property ladder

First-time buyers in Gateshead spent an average of £135,000 on their property – £5,100 more than a year ago, and £20,200 more than in May 2018.

By comparison, former owner-occupiers paid £175,200 on average in May – 29.7% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Gateshead in May – they increased 1.1%, to £93,690 on average. Over the last year, prices rose by 4.2%.

Among other types of property:

• Detached: up 0.5% monthly; up 5.2% annually; £286,712 average
• Semi-detached: up 0.2% monthly; up 4% annually; £172,269 average
• Terraced: up 0.7% monthly; up 3.3% annually; £145,118 average

How do property prices in Gateshead compare?

Buyers paid 3% less than the average price in the North East (£159,000) in May for a property in Gateshead. Across the North East, property prices are low compared to those across the UK, where the average cost is £286,000.

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 (£127,000 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 May

• Gateshead: £154,023
• The North East:£158,779
• UK: £285,861

Annual growth to May

• Gateshead: +4.1%
• The North East: +4%
• UK: +1.9%

Highest and lowest annual growth in the North East

• Stockton: +8%
• Sunderland: +0.5%