The State of The Newcastle Property Market

Two years ago, Newcastle City Council announced the Re-Newcastle project – a regeneration initiative including “the biggest investment in its highways for over 30 years.” £60 million will be invested in Newcastle’s infrastructure over the next five years as part of the project.

Newcastle’s population has been steadily increasing since the millennium, bringing an even greater need for investment in the city and more housing. The most recent developments are some of Europe’s largest, benefitting residents, businesses, and newcomers to the city.

Newcastle City Centre

With a student population that’s “doubled in the last 15 years”, some of the most recent construction projects in Newcastle city centre have been student accommodation and private halls.

Young professionals are often drawn to properties with a view of the River Tyne and historic Quayside. Like a lot of cities with an industrial past, Newcastle has a pleasing mixture of modern developments and period buildings. Waterloo Square in the west of the city, close to Central Station, features more Georgian style constructions with tall windows and high ceilings.

Wellington Street is home to some of the newest developments in the city, including Wellington Plaza and the Park One Residence on Pitt Street. Both house 1-bedroom apartments with luxury fixtures and fittings, plus 24-hour security in a convenient city centre location.

Rental

Shared flats/private halls - £380-1,300 per room pcm

1 bedroom flats - £550-£1,100pcm

2 bedroom flats - £600-£3,500pcm

3 bedroom flats - £750-£2,250pcm

To buy

1 bedroom flats - £55,000-£155,000

2 bedroom flats - £75,000-£300,000

3 bedroom flats - £220,000-£600,000.

 

Jesmond

Known for its student population and large, Victorian properties, Jesmond is a 10-15 minute walk from Newcastle University and the city centre. Local businesses, particularly bars and coffee shops, love the thriving student population, but activity routinely dies down out of term time and during the summer months.

Much of Jesmond features period property and townhouses split into flats, or developed into student house shares. Young professionals and families are still attracted to the area, enjoying its village feel.

Jesmond’s house prices vary dramatically depending on their proximity to the student areas. Grosvenor Place, St George’s Terrace and Sunbury Avenue are particularly popular with students and usually carry a lower price tag.

Many of the most expensive properties in the area are 7-10 bedroom terrace properties aimed at the student buy-to-let market. The Lindisfarne Road area also carries a premium, with detached family properties of 5-6 bedrooms generally costing several million. The southeast of the area is dominated by smaller properties and 1-2 bedroom flats.

Rental

Shared properties - £350-£600pcm per person

1 bedroom flats - £475-£750pcm

2 bedroom flats - £575-£1,300pcm

3 bedroom flats - £650-£1,700pcm

2-3 bedroom houses - £620-£2,450pcm

4-5 bedroom houses - £500-£2,500pcm

5+ bedroom houses - £900-£7,000pcm.

To buy

1 bedroom flats - £130,000-£150,000

2 bedroom flats - £135,000-£170,000

3 bedroom flats - £190,000-£290,000

2-3 bedroom houses - £179,000-£550,000

4-5 bedroom houses – £250,000-£800,000

5+ bedroom houses - £270,000-£4 million.

 

Fenham

In the west-end of Newcastle, Fenham is a 10-minute drive from the city centre and popular with students. Often more affordable than Jesmond, but with just as much choice, it’s a convenient option for those studying at Newcastle University and the medical school.

Divided into three main areas, Fenham’s population is fairly diverse. Arthur’s Hill is the most affordable, characterised by 2-3 bedroom flats, and close to Central Station. The Wingrove Road side features plenty of large, shared properties that are especially popular with students, and beyond Fenham Hall Drive attracts families looking for good schools and accessible parking.

Fenham’s cultural influences mean the high street features cafes, coffee shops and restaurants serving dishes from all over the world. For this reason, international students often find a temporary home there while they’re studying. Sports fans are spoilt for choice too, with a cricket club, boxing gym, Olympic weightlifting club and swimming pool.

Rental

Shared properties - £220-£400pcm per person.

1 bedroom flats - £400-550pcm

2 bedroom flats - £400-650pcm

2-3 bedroom houses - £475-850pcm

4-5 bedroom houses - £600-£1,700pcm

5+ bedroom houses - £600-£2,000pcm.

To buy

1 bedroom flats - £50,000-£120,000

2 bedroom flats - £60,000-£150,000

2-3 bed houses - £65,000-£250,000

4-5 bed houses – £130,000-£400,000

5+ bed houses - £115,000-£700,000

 

Heaton

Another area popular with Newcastle University and Northumbria University students, Heaton is one of the more ‘up and coming’ areas of Newcastle, labeled ‘trendy’ as more and more property hunters invest in the area. Jesmond usually gets a lot of the focus, but Heaton has been a popular choice with students and families alike for a few years.

Chillingham Road and Heaton Road are the busiest high streets, with a great choice of independent, vegetarian/vegan and international restaurants and cafes. The local apparently don’t want to see any chain restaurants or coffee shops moving in any time soon. Heaton Park and Armstrong Park are popular with families, as are the four primary schools.

Victorian and Edwardian terraced houses are particularly prevalent, whether bought in their entirety or converted into flats. Young families are keen to call this place home because it’s cheaper and quieter than lively Jesmond, but still a short distance from Newcastle city centre.

Rental

Shared properties - £195-£425pcm per person

1 bedroom flats - £475-£800pcm

2 bedroom flats - £495-£780pcm

3 bedroom flats - £600-£1,300pcm

2-3 bedroom houses - £575-£1,000pcm

4-5 bedroom houses - £1,000-£2,000pcm

5+ bedroom houses - £1,400-£3,000pcm

To buy

1 bedroom flats - £90,000-£125,000

2 bedroom flats - £85,000-£230,000

3 bedroom flats - £95,000-£200,000

2-3 bedroom houses - £100,000-£270,000

4-5 bedroom houses – £110,000-£350,000

5+ bedroom houses - £200,000-£400,000

 

Gosforth and South Gosforth

Appealing to young professionals without the Jesmond prices, Gosforth is popular with those looking for their first family home near green spaces. The Town Moor covers 1000 acres, and Gosforth Park has a play area, tennis and basketball courts, and a nature reserve, making it particularly family-friendly.

Gosforth has been the focus of a lot of new building over the last few years. In 2016, 4,500 new houses were in the process of being built, creating six ‘villages’ of houses within the town. Many move to the area because some of Newcastle’s best private schools are located in and around the suburb, as well as religious and special schools.

The area’s rural history and recent development means there’s a choice of farmhouses, Victorian and Edwardian properties, and brand new builds. Prices vary dramatically, with some attractive flats proving to be really affordable, while larger houses can fetch several million in the right spot.

Rental

Shared properties - £200-350pcm per person.

1 bedroom flats - £400-750pcm

2 bedroom flats - £400-1,200pcm

3 bedroom flats - £550-£2,000pcm

2-3 bedroom houses - £400-£1,250pcm

4-5 bedroom houses - £750-£4,000pcm

5+ bedroom houses - £1,200-£4,000pcm.

To buy

1 bedroom flats - £45,000-£140,000

2 bedroom flats - £52,000-£300,000

3 bedroom flats - £140,000-£325,000

2-3 bedroom houses - £80,000-£550,000

4-5 bedroom houses - £250,000-£695,000

5+ bedroom houses - £300,000-£3 million.

 

Ouseburn

Significantly smaller than surrounding areas, Ouseburn used to be heavily industrial but has seen various phases of regeneration. There’s less choice for renters and buyers compared to neighbouring Heaton, but what is available is a pleasant mixture of modern and historic. The area’s choice of restaurants will surprise newcomers who thought the city centre was the only place to find the best food.

Flats that run along the Quayside are generally modern developments with a clean décor. The east of Ouseburn is right next to Byker, which used to be home to estates with bad reputations, but has since been given ‘The Great Neighbourhood’ Award. Significant improvements have been made to Byker since 2012, with £20.5 million spent and a further £21 million promised to the area over the next few years.

Most opportunities are 1-4 bedroom, as large properties aren’t commonplace. Some students choose Ouseburn over Heaton, Fenham and Jesmond for a bit of peace and quiet, and will be on the lookout for more properties to choose from.

Rental

Shared properties - £250-400pcm per person.

1 bedroom flats - £450-650pcm

2 bedroom flats - £620-800pcm

3 bedroom flats - £750-900pcm

2-3 bedroom houses - £600-£1000pcm

To buy

1 bedroom flats - £75,000-£120,000

2 bedroom flats - £90,000-£160,000

2-3 bedroom houses - £50,000-£250,000

 

 

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