According to Halifax, the average house price in September 2022 for Newcastle was £182,163, which represents a rise of 6.4% on the £171,151 figure from January 2022. However, in this time, the average growth in the local authority area surrounding Newcastle was 9.3% and provides an opportunity for investors.
Newcastle is a fantastic city with a great deal going for it, and while the market experiences ups and downs at all times, not just difficult times like now, it is likely that demand for Newcastle homes will continue to rise.
North East property represents the best of both worlds
Therefore, stepping into the market at this time presents an opportunity for prospective homeowners and investors looking for an improved opportunity.
Andrew Asaam, mortgages director at Halifax, said; “As daily life started to get back to normal for many, the opportunity to live in cities became more attractive again, driving up demand. There’s evidence of this in locations across the country, with property price inflation in the majority of cities outstripping increases in their surrounding areas. Clearly the economic environment has changed considerably in the last few months, with the likelihood of more significant downward pressure on house prices, as the cost-of-living squeeze and higher borrowing costs limit demand. The extent to which such trends will continue to shape the housing market is therefore uncertain.”
The North East housing market has benefited from having so many diverse options, including many rural locations. As people looked to leave the city and find themselves in a more remote setting, they didn’t need to leave the North East behind.
The North East is a fantastic place to live
Now, as the trend reverses, and suburban or city living is more appealing to many people, the North East of England remains an excellent choice. Some of the reasons why so many people love living in the North East of England include:
- The North East of England is a great place to live for a variety of reasons. The region has a rich history and culture, beautiful scenery, and a variety of activities and attractions to enjoy.
- The North East of England is home to some of the UK’s most iconic landmarks and attractions. These include Hadrian’s Wall, Durham Cathedral, and Newcastle upon Tyne Castle.
- The North East of England is also home to a number of world-renowned museums and galleries. These include the Great North Museum: Hancock, the National Glass Centre, and the Sunderland Museum and Winter Gardens.
- The North East of England boasts a stunning coastline, with miles of sandy beaches and picturesque towns and villages. Popular seaside destinations include Whitley Bay, Seaham, and Tynemouth.
- The North East of England is renowned for its food and drink scene. The region is home to a number of Michelin-starred restaurants, as well as a wealth of traditional pubs and cafes serving local specialities such as Newcastle Brown Ale and Yorkshire pudding.
- Finally, the North East of England is an incredibly welcoming and friendly place to live. The people of the region are known for their warmth and hospitality, making it a great place to put down roots and make new friends.
Contact Urban BASE for all your property market needs
If you would like to arrange an appointment to discuss your next move in the property market, we are always happy to help. Call us on 0845 6431186 today.