Why Newcastle is an Ideal Location for First-Time Buyers

Newcastle upon Tyne is ideal for first-time buyers, offering affordable housing and a vibrant community with ample amenities and employment opportunities. We explore this in more detail...

Newcastle upon Tyne represents a fantastic opportunity for first-time home buyers thanks to the relatively low cost of housing compared to the rest of the country. As a matter of fact, the North-East city was named as the top city for first-time buyers in a study conducted by Mojo mortgages. This ranking was determined by comparing the monthly mortgage repayments to the average local income.

 

As of March 2024, the average house price in Newcastle was £191k, up 2.9% from March 2023. Whereas across Great Britain, a home sold on average for £286k. The affordability index calculations also include monthly bills, commuting expenses and price per square metre, where Newcastle came in at £1,650 – cheaper than any other city in the UK. Moreover, mortgage payments account for just 29.05% of the average income in Newcastle, leaving ample disposable income for leisure and entertainment.

 

There are several areas that are particularly great for first-time buyers, that each offer a unique blend of property types and price points:

 

Heaton

Recently coined as one of the best places to live in the UK by The Times, Heaton is no wonder a popular choice for young professionals and families. This area consists mainly of terraced properties, both 2 to 3 storey houses, and the ever popular “Tyneside Flat”. The average property price in this area sits at £206k, but properties can be seen as low as £100k, and as high as £600k, highlighting the diverse property opportunities.

 

Fenham

Fenham, in the west end of Newcastle is known for its diverse community and affordable housing options. Here you can find a range of properties, but most common are traditional terraced or semi-detached houses. The latest average home prices in this area sit at £165k. Fenham offers great transport links and ease of access to the city.

 

Ouseburn

This trendy, up and coming neighbourhood is a hotspot for the artistic among us and provides several cultural attractions. Subject to many residential transformations over the last decade, Ouseburn now offers many modern apartments as well as former industrial buildings that have since been converted into stylish lofts. Take a short walk away from the river and you’ll also find several beautiful Victorian houses peppering the streets. The average price of properties sold here over the last 12 months was £146k, though there are an increasing number of more luxury options coming to market every month.

 

Quayside

Just around the corner from the Ouseburn, is Newcastle’s Quayside. One of the most picturesque areas in any North-East city, the Quayside boasts properties offering views that overlook the River Tyne. Here, almost all properties are modern apartments or luxury flats. The Quayside has been just slightly more expensive than Ouseburn over the last 12 months, coming in at an average property price of £156k, though it must be noted these relatively lower prices are because of the lack of the more spacious offerings of Heaton, Jesmond, Gosforth or Fenham.

 

Gosforth

The Gosforth housing market offers a wide range of options, from charming Victorian terraces to modern apartments and spacious family homes. Properties here cater to various budgets and lifestyles, though the demand for homes in this desirable area often drives prices above the city average. Current estimates place the average cost of a home in Gosforth between £250,000 for a modest flat to over £500,000 for a larger, detached home. For those looking for something more premium, certain streets in Gosforth, such as The Grove, and Montagu Avenue, have been known to fetch property prices surpassing £1m. The market remains competitive, with properties often selling quickly due to high demand and the area’s overall allure.

 

 

Employment Opportunities

Newcastle upon Tyne was once a major industrial hub in Great Britain, renowned for its coal mining in the surrounding countryside and shipbuilding at its docks. The city was home to numerous innovators and played a crucial role in the nation’s industrial era. However, the closure of these industries led to a period of economic hardship, resulting in a period of decline.

These days things look much brighter for Newcastle. In a 2023 report by Tech Nation, more than 30,000 workers are employed in the tech industry in the region, which has the second-highest rate of new startups in the UK behind London. This sector provides numerous roles in software development, cybersecurity, and digital marketing.

Healthcare and education are major employers in the city, with Newcastle Hospitals NHS Foundation Trust and the two Newcastle universities leading the way for local employment. These large institutions not only provide a range of jobs low to high skilled, but also hold an important role in the economic stability of the city.

 

 

Transport

Along with Newcastle’s jump into the 21st century, a transport system was built to match. The city is served with an extensive transport system that most UK cities cannot match, including buses, trains, and the local Metro system.

The Tyne and Wear Metro light rail system connects Newcastle with neighbouring areas, from the Airport in the west, to the North Tyneside coast, south of the river to Gateshead, and as far East as Sunderland. With over 60 stations covering the North-East region, you’re never far away from this expansive network.

The bus service network in Newcastle plays a similar role. With Go North-East and Stagecoach as the two major service providers, with contactless payment methods ensuring hassle free travel.

Newcastle Central Station is a major rail hub, providing connections to many parts of the UK. Sat on the East Coast Main Line, there are many trains running between Edinburgh and London in both directions every day, meaning you could be in the capital in under 3hrs!

Just a few miles from the city centre, Newcastle International Airport connects the region to many national and international destinations such as major European cities and holiday destinations, the Middle East, and even North America.

 

 

Things to do

Newcastle upon Tyne offers an exciting blend of cultural attractions, nightlife, and outdoor activities. The BALTIC Centre for Contemporary Art and the Sage Gateshead are highlights for art and music lovers, while the Discovery Museum delves into the city’s history. The Quayside is perfect for a scenic walk with its cafes, restaurants, and the lively Sunday market. Newcastle’s nightlife is diverse, with the infamous Bigg Market promising a big night out in the Toon, and the bohemian Ouseburn Valley offering various pubs and live music venues. The more outdoorsy among us can enjoy Jesmond Dene, Exhibition Park, and the Town Moor. Shopping opportunities include Eldon Square, Grainger Market and the Metrocentre within distance of public transport. For sports fans, St. James’ Park is a must-visit. With such a variety of activities, there’s surely something for everyone.

If you’re reading this in summer 2024, we recommend you check out our most recent blog post detailing all the best things happening in our city this summer!

 

 

Future of Newcastle

Newcastle’s future is poised for significant and continued growth over the coming years. There is notable work going on around East Pilgrim Street that promises to bring new residential, commercial and leisure spaces to the city centre, as well as the ongoing Helix Centre Project in the West end that looks to cement Newcastle’s position as a leader in the field of science and innovation. The recent success of the football club can’t be overlooked, having brought a real buzz to the city since takeover a couple years back, that energy looks set to continue bringing a real feel good factor to living in and amongst the success.

 

 

How Pat Robson & Co. can help you make the move

At Pat Robson & Co, we can help you through the buying process with our expert guidance thanks to our wealth of experience collected in the Newcastle property market since our foundation in 1998. Our comprehensive sales service includes property viewings, negotiations, and support with paperwork, ensuring that your transition into home ownership is as seamless as possible.

 

To view our available properties and book viewings, visit www.patrobson.com/sales. For any questions you may have, email us at [email protected].

Alternatively if buying a property isn’t yet on your radar, but are still looking to move to Newcastle, check out our available rental properties at www.patrobson.com/lettings.

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