NEWCASTLE’S diverse property market is still seeing record levels of interest, according to a leading expert.
A mix of limited supply and increased demand has led to a sustained period of growth in the North Tyneside market.
And the strength of the Newcastle market may mean any possible slowdown in house buying would have less of an impact than in some other areas of the country.
Matt Hoy is Director of Estate Agency at leading commercial and residential property experts Bradley Hall.
He says: “The Newcastle property market is, as I imagine is the case for much of the UK, extraordinarily supply scarce at a time of heightened demand.
“Homes across all price points and specification levels have been seeing record levels of interest and bids to reflect this.
“The Rightmove House Price Index published in July reports buyer demand up 26% on June 2019’s levels, though down 7% on last year’s frenzied market”
“I think the North East offers a market of some resilience though, and if this period of unbroken growth does come to an end, I suspect any downturn will be less palpable here than in regions further south.”
For those looking for luxury homes, some of the highest-end properties in the region can be found in Newcastle.
“Perhaps one of the grandest, most-expensive streets in the region is Graham Park Road, in Gosforth where we are fortunate to be marketing three opportunities: one detached home at £2million, a larger semi at £2.35million and a plot with planning permission for offers over £1.2million,” says Matt.
“The tree-lined street is one which typically attracts the region’s higher-budget family buyers drawn by the area’s fine late nineteenth-century architecture, mature gardens and proximity to outstanding amenities and schools. It is also within walking distance of the city centre.
“Peripheral areas such as Darras Hall and Tranwell Woods can offer further options for those seeking a slightly more rural setting, where we currently have homes marketed for between £1.2million and offers over £3.5million.”
But North Tyneside does not just cater for the higher end of the market, with opportunities for first-time buyers to get on the property ladder too.
Matt says: “As for up-and-coming, I think an obvious choice from our listings would be the North Shields Fish Quay, where we are in the later stages of selling a 50 unit development.
“This is an area that I feel is just at the start of a longer-term uptick in values, with the Fish Quay itself now quite a destination in terms of restaurants, bars and seafood outlets, and the greater North Shields area along with the Quay itself poised for some investment from the council’s regeneration programme.
“Linked by the Tyne & Wear Metro system, commuters can be in the city in no time. Apartments at our waterfront Shepherds Quay development started at £125,000, well within reach of first-time buyers & investors.”
With the range of properties available across Newcastle & the surrounding areas, there really is something for everyone in the region.
“Newcastle’s property market is rather like its people; diverse, resilient and certainly never dull,” added Matt.