The vibrant city of Newcastle is the largest in the North East of England, and the wider Tyneside area makes up the 8th most populous in the UK. It is clear that it has a large market, but what are the Newcastle House prices forecast to be and what type of properties sell well in Newcastle?
We’re going to answer all these questions and more in the following article. Read on if you are considering your next move within the area.
And if you’re looking to sell your house fast in Newcastle, contact us today to discuss how we could help you sell in as little as seven days!
Newcastle house prices by area
Some of the most affluent areas around Newcastle are the neighbourhoods of Coxley and West Gosforth. Houses here sell for over £350,000 on average. South Gosforth is another area where properties average for over £337,000. This makes the area particularly popular for families (with parents in their late 30s+) as well as elderly people keen to enjoy their retirement in a gorgeous home.
Jesmond, where several football players and celebrities are buying up properties, is perhaps the most upmarket suburb of Newcastle. With cafes, nightlife, cocktail bars and more, properties in the area average £340,091 due to the excellent range of things to do. This is an average price increase from £293,049 in 2021, making it the most significant rise in the city, compared to the 3% average of Newcastle as a whole. Many buyers relocated back to Jesmond after moving away.
Meanwhile, Walker is where many of the cheapest properties in Newcastle can be found, with an average of £90,000 for both North and South Walker.
With high demand and a lack of supply, 2022 is set to be another year of Newcastle house price trends rising.
Houses are selling rapidly in Newcastle, especially when compared to the previous five years. It takes around 25 days for a property in the area to go under offer after going onto the market. This could be up to 2 months, but even if this is the case, it shows how quickly the market moves in Newcastle.
Demand has been stronger than usual, but the number of properties for sale is around half of what it usually is, meaning there is increased demand, and not as much competition when selling your home in the area.
Elmfield Park in Gosforth was where the most expensive houses in Newcastle sold last year, for an average price of £1,177,799.
The other area to surpass the £1m mark was Graham Park Road, where average prices are £1,164,207.
Newcastle house prices by property type
The average property price in Newcastle upon Tyne was £233,216 in the last year. Most property sales in the region were for terraced houses, and these sold for an average of £215,131 according to Rightmove. Flats could be found for an average of £136,776 and semi-detached properties sold for £206,603 on average.
Sales were up 3% across the region, and up 13% on 2019’s peak of £205,712. These figures show the diverse range of properties that can be found in Newcastle, where families, first-time buyers, young professionals and higher earners all found excellent new properties.
Are house prices rising in Newcastle?
Newcastle is behind the national average (where the property market has risen by 7.4% since December 2020) and the average house price is still below the national average of £271,000 in November 2021 and the average of £288,000 in England.
However, house prices have risen significantly over 5 years by 14.4%.
The return to home working makes Newcastle an even more attractive place to live. Newcastle house prices are forecast to grow as a result with more people moving home from elsewhere in the country, to make remote working more comfortable.
Many are moving away from built-up areas located close to business districts and dedicated offices to get more for their money. This has increased demand and, in turn, prices. The surge in property prices has tempted more house sellers in Newcastle to put their properties on the market.
The city is considered an affordable place to live with houses, childcare, facilities, and transport favourable to other cities across the UK. This can leave locals with more disposable income should they work from home, and although house prices are rising in Newcastle, many people can see their money go further in the area.
Why are house prices cheaper in Newcastle?
Newcastle used to have a lot of different industries including shipbuilding, coal, and steel. This meant there was a lot of housing, particularly at the more affordable end of the market.
With those industries no longer as prevalent in the area, and since most of them were closed by the early 1990s, many people moved away to seek jobs. Property prices have slowly risen since then, and even more so in recent times, but property prices are still below many of the other major UK cities. This makes Newcastle a comparatively affordable place to live.
The location of Newcastle may also be a factor. Major cities such as London and Manchester are not so easily reached.
The cost of living in Newcastle upon Tyne is around 38% less than in London. The North East is seen as one of the most affordable places to live in general. Durham, Sunderland, and Newcastle all regularly feature in lists of the top 10 most affordable cities in the UK to buy a house.
Employment is a major factor that drives house prices. Nice houses are more affordable in the north of England in general, and this is partly down to the fact that there are fewer jobs. However, attractive prices, high demand, and the low number of houses on the market mean property prices in Newcastle upon Tyne are expected to continue to rise…
Newcastle house prices forecast
The various Covid19 lockdowns have caused an increase in the number of house buyers across the country, including Newcastle. The market has grown at such a rate that Newcastle homeowners will be disappointed if this trend did not continue into 2022.
2021 was one of the busiest years for property sales in recent times with over 3,000 property sales taking place in Newcastle alone. Many homeowners are considering their next move, wishing to reevaluate the way they live after the various lockdowns and looking for more space.
The lack of properties on the market in Newcastle has seen Newcastle house prices increase significantly and forecasts suggest this trend will continue in 2022. Therefore, now is the perfect time to sell your property (if you are considering it in Newcastle) – and may see you facing steeper prices if you are keen to purchase.
Sell your house fast in Newcastle
North East England’s most populous city understandably attracts lots of people to live and work there. But if for any reason you need to sell your home in Newcastle quickly, we’re here to help.
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