Looking to sell property in Tyne and Wear?
House prices ‘reportedly growing quicker in Newcastle than in London.’
It’s official folks; buyers are heading to Tyne and Wear and the North as high property prices are putting off first-time buyers and investors from overseas and in the City. So, this begs the question.
Has there ever been a better time to sell your property in Tyne and Wear or pick up a bargain for your new home?
House prices in Newcastle were reportedly growing much quicker than in the capital, London, in 2015 thanks to bargain hunters wanting to pick up a deal for more affordable property in Tyne and Wear and the North of England.
The average property price in the capital reportedly rose 0.3 between September and October to reach £402,800, according to recent data.
The cities where property prices were rising fastest were Blackburn and Gloucester, both up 1 %, Middlesbrough, up 1.2 % and Milton Keynes, up 2.2 %.
According to a report in the Telegraph, the London market was “slowing quickly” as high prices put off first-time buyers and foreign investors.
Data suggests that house prices grew by 0.4 per cent in Newcastle.
“This latest information available does seem to suggest that house price rises are beginning to cool, where there is less frustrated demand for housing than there was two to three years ago,” reflects MD, Max Christian-Chance.
“The property market in the north seems to be taking a little longer to slow down, however, so soon we could see the growth in house prices in London beginning to slide below some of the big cities outside of the South East of England.”
It seems that the returning confidence in the economic recovery had convinced more buyers to seek property in less fancied part of the country, where prices were lower.
The data showed the average home in Newcastle is priced at £123,800 – around a third of the price in London.
So, other than great property prices, what makes the streets of Newcastle such a good place to be?