Metro analysis shows Tyne-Wear rents on rise
• Moving just one Metro stop saves you almost £84 every month – and could save you almost £700.
• Tynemouth most expensive station to rent near outside of central Newcastle – Tyne Dock is the cheapest.
The Tyne and Wear Rent Map – showing 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 £84 from station to station.
Drawn up by North East-based property firm KIS the map shows that the average cost of renting a home on the Metro Map is £596 – £25 more expensive than December - with a £698 difference between renting near Tynemouth station and renting near Cullercoats.
Tynemouth (£1192) is the most expensive place outside of central Newcastle to rent, followed by South Gosforth (£828) and Ilford Road (£762).
Tyne Dock in South Tyneside (£400) is this May’s cheapest place to rent, followed by Hadrian Road (£425) and Percy Main (£435).
The map shows the typical cost per month of renting a two-bedroom property within half 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 Tynemouth and Cullercoats, with a price difference of £698 a month. This is the first time on record that the largest price difference has not been between Manors and Byker, where this month’s difference of £557 is also lower than the difference between North Shields and Tynemouth (£679).
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. Tynemouth - £1192 2. South Gosforth - £828 3. Ilford Road - £762 4. Jesmond - £741 5. West Jesmond - £737
If these figures included central St James (£1125) would be second most expensive, followed by Haymarket (£1050) Central (£1025) and Monument (£988).
The cheapest five areas to rent on the other hand are: 1. Tyne Dock- £400 2. Hadrian Road - £425 3. Percy Main - £435 4. Hebburn - £437 5. Jarrow - £454
The largest differences from station to station are: 1. £698 (Tynemouth to Cullercoats) 2. £679 (Tynemouth to North Shields) 3. £557 (Manors to Byker) 4. £278 (South Gosforth to Longbenton) 5. £248 (South Gosforth to Regent Centre)
Ajay Jagota, founder of Protech Deposit replacement insurance solution Dlighted, an alternative to the cash Tenancy Deposit schemes TDS, DPS and Mydeposits, and sales and lettings firm KIS commented:
The property expert said:
“It’s always fascinating to see this information laid out like this as it really brings it home to you that, for example, a three minute Metro ride from East Boldon to Brockley Whins saves you almost £1700 a year – the cost of a summer holiday or a significant saving towards a deposit on a house.
“Even though these figures are recorded out of curiosity rather than serious analysis, they do showcase the current strength of the North East rental market. Figures this week show that rents in London are falling for the first time since 2009, but on the basis of these figures that is not the case in Tyne and Wear with average rents rising between December and May.
“As rents rise though, so do tenancy deposits and these figures show indicate that if you want to rent a property on the Metro Map you’ll have to find almost £900 on average for a deposit – and possibly as much as £1800. This money too would surely be better spent on something else.”
This was posted in Bdaily's Members' News section by Ajay Jagota .
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