Selling property is considered a stressful game, particularly with recent events such as the COVID-19 pandemic and recent government changes throwing interest rates into disarray. But the market must go on, and if you’re looking to sell a Newcastle property over the coming 12 months, you may be looking for some help and advice.
That’s where we come in. In this article, we’ll explore everything you need to know if you’re selling your home in Newcastle, including average house prices and market predictions, plus an analysis of 2023 in terms of property sales to put your mind at ease and have you selling your Newcastle property in no time.
Keep reading to find out more.
Will property prices drop in 2024?
One of the first questions you may be asking yourself as a prospective property seller is whether property prices are due to fall in 2024. If property prices are predicted to decrease, selling your home sooner rather than later may be wise to make the most of the current market.
To determine whether property prices will fall in 2024, an excellent place to start is to analyse how property prices in 2023 compared with those of the previous year (and beyond). This will indicate how buoyant the property market in Newcastle is and help us predict how it will perform over the coming 12 months.
Over the last 12 months, sold prices in Newcastle have decreased by 3%. This is a continuation of a decrease in property prices in general, with prices being 2% lower than house prices in Newcastle in 2021.
With this data in mind, it may be likely that house prices in Newcastle will fall in 2024 if the current trend is followed. However, industry experts have other predictions that are also worth exploring.
What is the Newcastle property market prediction?
So, what are the experts predicting regarding the Newcastle property market?
Some believe house prices will improve, with a rise of 2% – 3% over the coming year. This is due to rising interest rates being managed by homeowners more quickly than anticipated and flexible mortgage options offered due to increased rates.
House prices are believed to reach as high as 10% to 12% higher than they are now by the year 2028, provided there are no further decreases due to events such as increasing energy prices or global issues such as the war in Ukraine.
In terms of the rental market, this may see further challenges due to landlords selling their properties after the increase in mortgage rates of 2023. However, buy-to-let properties are still extremely popular, resulting in positive long-term predictions for the Newcastle rental market.
Was last year a good year to sell property?
Suppose you’re looking at selling your Newcastle home this year. In that case, it’s helpful to look back at data from the previous 12 months to ascertain whether your home will be easy to sell or if there are lessons that could be learned from market performance in 2023.
We’ve included below information on how many properties were sold in Newcastle in 2023 vs. the previous year, as well as some data on the most popular property types.
Most popular property types
The most popular type of property in Newcastle in 2023 was terraced houses, with 187 homes sold in Newcastle in January 2023.
This is significantly higher than other property types. January 2023 yielded 171 semi-detached home sales, 154 flat sales, and 50 detached house sales.
However, it is worth bearing in mind that terraced houses make up a significant proportion of Newcastle’s properties, which could explain why they are the most popular property type.
How many properties sold
In 2023, there were 12,000 property sales in the Newcastle area.
This is a 32.6% decrease compared to the previous 12 months, and most properties sold for between £100K – £150K.
How WBAH can help if you’re struggling to sell your house
If you’re finding it difficult to sell your Newcastle home, We Buy Any Home can help. Whether your issues lie in the current housing market conditions, personal circumstances, or other challenges, as the UK’s top-rated property cash-buying company, we can achieve a quick sale for your Newcastle home without sacrificing your asking price.
Our process is simple; you can request a free cash offer via our website, and a helpful team member will be in touch to confirm an initial valuation of your property. If you’re happy to proceed, we’ll instruct a surveyor and solicitor to work on your behalf (at our expense) and draw up an official offer based on this survey. Once all the contracts are signed, you can receive your funds in seven days.
Get a free cash offer for your Newcastle home today and get your property sale moving.
