The North East has always been one of the most affordable places to live in the country.
However at a time when concerns have been raised about the rising Cost of Living, it appears the price of renting and buying properties in Newcastle is on the up. Updated figures, released by Rightmove, show that the average monthly rent in the toon is now almost £1,000 per month.
According to their renters' city hotspots list, the average asking rent per calendar month was £961 in May 2022. Tenant competition has also risen by 79% compared to the same period in 2021.
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The property website says competition is measured by the number of buyers contacting estate agents in the area, compared to the number of properties available in that location. As demand eases, and the number of available properties increases in an area, competition between buyers becomes less fierce.
Newcastle is fifth on the list of renters' city hotspots after Edinburgh, London, Salford and Manchester.
The city is also third on Rightmove's list of top city hotspots, with the average cost of purchasing a property more than £200,000.
The average asking price for May 2022 was £208,951, with competition between buyers increasing by 36% since 2021. Newcastle is behind Bath, which has a 49% rise in buyer competition, and Carlisle which has recorded a 42% increase.
Rightmove has put the increase down to home-movers wanting to move back to the city following the coronavirus pandemic.
They said many people were looking to move to coastal towns and villages during the covid-19 crisis. However they are starting to see a slowdown in buyers looking for homes by the sea, compared to the past couple of years.
Tim Bannister, property expert at Rightmove, said: "Though demand is still high in many coastal areas, it has slowed from the heady levels seen in parts of 2020 and 2021. As more choice becomes available in these seaside areas, we're seeing some of the competition between buyers and rents begin to cool off."
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