Newcastle’s property market still seeing “record levels of interest”

According to an industry expert, the North East property market remains “resilient”, despite the current barriers to entry and a small dip compared with the “frenzied” market of last year.

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 commercial and residential property expert Bradley Hall. He said: “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 per cent on June 2019’s levels, though down 7 per cent 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 and within its immediate vicinity.

Matt continued: “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 £2m, a larger semi at £2.35m and a plot with planning permission for offers over £1.2m.

“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 £1.2m and offers over £3.5m.”

With the range of properties available across Newcastle and its surrounding areas, there does not appear to be any signs of slowing down. “Newcastle’s property market is rather like its people; diverse, resilient and certainly never dull,” added Matt.

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