Property prices in the North East of England have been on the rise for many years, but if you’re looking to move to the Newcastle area in particular, it’s helpful to fully understand the average house price in Newcastle before embarking on your search.
You’ve come to the right place if you’re looking to purchase a property in Newcastle but are unsure of the average property prices. Here at We Buy Any Home, we’ve analysed the Newcastle housing market and have collated all the relevant information to make your research much easier, including breaking down property prices by property type to give you a more tailored approach to the data.
Keep reading to fully understand the average house price in Newcastle and discover how the market has changed in recent years.
Average Property Price
Firstly, let’s look at the average property price in Newcastle taking all property types and sizes into account. This helps to give an overview of the Newcastle housing market in general, with a focus on how it’s changed in recent years along with indications of how it may look in the future.
The average house price in Newcastle is £205,019 as of the last year, with the majority of sales being for terraced properties. While prices have decreased by 2% on the previous year, there’s been a 3% increase in property prices since 2020, when property prices peaked in most areas as a result of the COVID-19 pandemic.
This shows that the property market is stabilizing but Newcastle remains a competitive area in which to purchase a property. The competitive prices of properties in Newcastle make them a great investment, as Newcastle offers much cheaper prices than further South of the UK and a rental yield of approximately 8%.
While property prices fell and interest rates increased across the country towards the end of 2022 due to economic instability, it’s unlikely that property prices in Newcastle will be drastically affected over the coming years as interest rates are now showing signs of dropping once again.
Property Types
Property prices in Newcastle can vary drastically depending on the type of property you’re purchasing. Whether you’re looking at a swanky new apartment or a detached family home, we’ve got all the information you need to help you better understand the property market in Newcastle.
Take a look at the sections below to find out how property prices in Newcastle change depending on the property type.
Flats
There are many flats in the city of Newcastle, due to a rise in the development of new apartment blocks in the city centre. There are also plenty of older apartment properties in Newcastle, which are perfect if you’re looking for an older home that’s steeped in character.
The average price of a flat in Newcastle is £121,763, a very competitive price if you’re new to the area or are just starting your journey on the property ladder. Flats in Newcastle have decreased in price by 34% when comparing December 2022 with December 2021, so now is a great time to get a bargain and purchase a flat in Newcastle.
Terraced Houses
Terraced houses make up the majority of property sales in Newcastle, with 103 terraced houses selling in Newcastle in December 2022 alone. A terraced house is a great choice for you if you have a young family and are looking for a bit more space than an apartment building, but still with competitive property prices.
Terraced homes in Newcastle typically sell for around £183,229, making them a great option if you’re looking to upgrade to a small house. Terraced properties in the Newcastle area were typically built in the Victorian period and usually feature either 2 or 3 bedrooms. Many include original features such as ceiling roses and cornicing, as well as high ceilings.
Semi-Detached Houses
Semi-detached properties in Newcastle are a great investment if you’re new to the area, which more space than terraced housing as well as a better level of privacy with one exposed side to the house. These properties make up 35% of the properties sold in Newcastle in December 2022 and are a popular choice for young families that have recently moved to the area.
The average price of a semi-detached house in Newcastle is £203,054, a 5% increase from the previous year. With prices on the rise, this shows purchasing a semi-detached house in Newcastle is a solid investment, and can also yield a high rental income of approximately £1,229 per calendar month (PCM).
Detached Houses
If ultimately more space is your aim, a detached property in Newcastle is probably your ideal choice. Detached homes typically have more space and larger gardens, plus they provide the highest level of privacy with no other homes attached to them.
Making up just 10.5% of the properties sold in Newcastle in December 2022, detached homes are fewer in number than other types of property, but for this reason, they tend to be sought after as they offer a bigger, more private option while still located in the city of Newcastle.
The average price of a detached property in Newcastle is £394,520, which is a 10% increase from the previous year and a 22% increase on the 2020 peak. Prices vary widely depending on the location and condition of the property; however, they tend to have at least 3 bedrooms and offer more inside and outside space than other Newcastle properties.
How We Buy Any Home Can Help
If you have a house in Newcastle and are looking to sell up, We Buy Any Home can help! We have many years of experience buying properties in the Newcastle area, which can help significantly reduce the time your property is on the market.
You can get a free cash offer for your home in minutes via our website, and you could receive the funds from your property in as little as 7 days. We’ll even cover the costs of your legal representation and property surveyors.
So what are you waiting for? Get a free cash offer with We Buy Any Home today and get your property sold in no time.
