Member Article

Tyne&Wear rents vary £86 by Metro station

Moving just one Metro stop saves you an average £86 every month – and could save you almost £600.

This month’s Tyne and Wear Rent Map – which shows what the Metro Map would look like if the names of the stations were replaced with the average monthly cost of renting a home there – shows rents varying by an average of £86 from station to station.

This difference is identical to the figure recorded in June.

Drawn up by property firm KIS the map shows that the average cost of renting a home on the Metro Map is £565 – £4 cheaper than four weeks ago - with a £573 difference between the £948 a month it costs to rent near Manors station and the £375 it costs at Tyne Dock and Byker.

Jesmond (£913) has retains its position as the most expensive place outside of central Newcastle to rent, followed by Tynemouth (£823) and Gateshead (£775).

Tyne Dock (£375) remains the cheapest place to rent, alongside Byker, followed by Jarrow (£408) and Wallsend (£409).

The map shows the typical cost per month of renting a two-bedroom property within a quarter of a mile of every one of the Metro’s 60 stations – revealing which areas are Tyne and Wear’s property hotspots and where renters can find a bargain.

The research shows that the biggest single change in rent from station to station continues to occur between Manors and Byker, with a price difference of £498 a month.

The research shows that excluding central Newcastle, the top five most expensive places to rent in Tyne and Wear on a per calendar month basis (last report’s position in brackets) are:

1. Jesmond (1) - £913 2. Tynemouth (=3)- £823 3. Gateshead (=3) - £775 4. Whitley Bay (-) - £743 5. South Gosforth (5) - £735

If these figures included central Newcastle, Manors (£948) would be joint most expensive, followed and Monument (£938).

The cheapest five areas to rent on the other hand are:

1. Tyne Dock/Jarrow (1/2) - £375 2. Jarrow (2) - £408 3. Wallsend (4) - £409 4. Pallion (-)- £413 5. Felling (-)- £421

The largest differences from station to station are:

1. £498 (Manors to Byker) 2. £285 (North Shields to Tynemouth) 3. £245 (Cullercoats to Tynemouth) 4. £225 (Gateshead to Gateshead Stadium) 5. £218 (Whitley Bay to Monkseaton)

Ajay Jagota, Managing Director of KIS and founder of insurance backed deposit-free renting solution Dlighted responded to the figures:

The property expert said:

“These figures are further evidence that for all the doomsday talk before the referendum about the inevitable impact of a Brexit vote on the housing market, it’s actual impact has been non-existent. In the entire month since the vote, rents across Tyne and Wear have been completely stable. In fact they have not moved by a single penny.

“I would expect that stability to continue. I’m not expecting any great changes to housing policy as result of Theresa May becoming Prime Minister. Housing Minister Brandon Lewis was a strong supporter of Theresa May’s leadership bid and has heavily implied in recent days that housing policy under her will stay true to the manifesto the Conservatives were elected on just last year.

“That includes extending Right to Buy to over a million more people – and that policy shows the real value of data like this. Even a move as low key as Regent Centre to Wansbeck Road will save a savvy renter in the region of £1600, which under Right to Buy is pretty much a deposit on a house.”

This was posted in Bdaily's Members' News section by Ajay Jagota .