House prices are on the rise across the UK and first time buyers are finding it tougher than ever to get on the property ladder. Factors such as mortgage rates and inflation continue to influence the market and analysts expect house prices to continue to rise over the next 12 months.
According to new research from Pay Less for Storage, Newcastle offers “exceptional value” in the housing market with buyers paying just £305 per square foot. This is less than half of London’s £876 average and well below the national figure of £523. The NE13 postcode of Newcastle provides the best value for money at just £178 per square foot.
Newcastle is a city known for its friendly people and vibrant nightlife. It also features a blend of historic attractions and modern developments, while the city centre is easy to navigate on foot.
The city also has a good public transport system, including the Metro, which makes it easy to travel around. Some of the main attractions include the Tyne Bridge and Newcastle Castle.
The research shows a variation of prices between each postcode in Newcastle. While the NE13 area provides the best value for money, the NE3 postcode commands the highest premium at £287 per square foot for properties averaging £404,123.
Meanwhile, the NE1 city centre area offers surprising value at £191 per square foot. Some properties in the area average just 1,132 square feet and cost £216,631.
Matt Wallace, from Pay Less for Storage, said: “Newcastle represents outstanding value in the UK housing market. While London buyers in Westminster are paying £2,485 for every square foot, Newcastle homebuyers in NE13 are paying just £178 – that’s more than 13 times cheaper for the same amount of space.”
The most expensive postcode in Newcastle, NE3, is less than the UK average. Properties in this area are also more spacious on average than those in southern cities.
The wider North East region also offers great value to buyers, at an average of £226 per square foot. This price is only more expensive than the £220 square foot average in Scotland.
Wallace added: “For families looking to maximise their living space, Newcastle offers something that’s increasingly rare in the UK housing market – genuine value for money. The money that barely covers a compact flat in London or Cambridge could buy a substantial family home with genuine breathing room in Newcastle.”
