It's good news for home owners, but not so good for prospective buyers looking to get on the property ladder. Rightmove has identified Newcastle as one of the most in-demand cities in the UK for houses.
Research revealed that buyer competition here has risen by 36% year-on-year, the third highest total in the survey, behind Bath and Carlisle, but ahead of London which was in 4th spot. The property website said its report revealed a change in home buyer trends.
Since the start of the pandemic, Rightmore said many people were looking to move to coastal towns and villages to enjoy the fresh sea air and an outdoorsy lifestyle. While the property market remains busy, they’re starting to see a slowdown in buyers looking for homes by the sea, when compared to the last couple of years.
Read more: Property rich list - how much North East house prices have risen since 2002
Rightmove property expert, Tim Bannister, 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 renters begin to cool off."
Now it is talking of the ' great return to the city'. While coastal areas begin to cool, competition between buyers and renters has risen across the UK's 50 largest cities by an average of 13% for buyers, and 29% for renters over the last year.
Competition is measured by the number of buyers contacting estate agents in an area, compared with 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.
Bath was the number one city hotspot, where competition between buyers has increased by 49% since the same period in 2021. The figure for Carlisle in second spot was 42%.
Rightmove said: "Newcastle upon Tyne’s famed Quayside, world-renowned arts scene and nightlife are also attracting home-buyers, with competition between buyers up 36% since 2021."
Top 10 table. Location: average asking price May 2022; change in buyer competition year-on-year
- Bath: £558,882; +49%
- Carlisle: £155,077; +42%
- Newcastle: £208,951; +36%
- London: £689,230; +35%
- Oxford: £539,059; +33%
- Chester; £296,556; +30%
- Southampton: £270,967; +27%
- St Albans: £669,020; +26%
- Dundee: £155,390; +24%
- Cambridge: £524,101; +24%
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