Newcastle a top housing hotspot in GB - survey
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 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 fourth spot.
The property website also said its report revealed a change in home buyer trends.
Since the start of the pandemic, Rightmove said many people were looking to move to coastal towns and villages to enjoy the fresh sea air and an outdoor lifestyle.
While the property market remains busy, Rightmove starting to see a slowdown in buyers looking for homes by the sea compared to the last two years.
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 Rightmove 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’s famed Quayside, world-renowned arts scene and nightlife are also attracting homebuyers with competition between buyers up 36% since 2021.”