House prices across the UK are set to really take off in 2025. The Motherwell postal area is leading right now, with prices increasing by 3.8% on average. Other areas that are seeing a price increase include Glasgow, Falkirk, Paisley, and Kirkcaldy. In England specifically, the strongest market right now is Newcastle. Leeds is trailing behind, with house prices rising by between 2-5% every year.
Why are Newcastle Properties on the Rise?
Newcastle housing prices are on the rise due to a lot of different factors. The robust local economy and affordable housing are driving a lot of the demand right now. The city’s appeal also comes down to the transport links and the convenient access to both rural and urban amenities. Newcastle is a popular choice for first-time buyers, but it is also a popular choice for investors.
The property prices in Newcastle are currently lower than the UK average, with rental demand being stronger than ever. The fact that online websites now give you the chance to sell your property instantly is also helping to contribute to the speed at which local properties are sold. Websites like Sold.co.uk allow you to enter your postcode and receive an offer instantly. With no hidden fees and the ability to sell in your timeframe, it’s now easier to list your property on the market without having to go through extensive processes. This, combined with the fact that Newcastle housing prices are on the rise, is leading to a sharp boom in sales. Latest statistics show that the average property in Newcastle is now worth £232,000, showing how much demand there is, and what a positive trend the city is experiencing right now.
Newcastle is Showing Strong Economic Growth
Newcastle is currently experiencing a lot of investment in the local infrastructure, as stated by Newcastle.gov.org. There are also a number of regeneration projects currently in place. You have the Newcastle Helix Development, which is attracting local businesses while creating a lot of new jobs for people in the area. The Northern Powerhouse Initiative is also helping to drive growth in the area while making Newcastle an appealing place to live and work.
Economic growth and investments are also contributing to the rise in property value, as well as rental yields. Some experts say that there is going to be a 30% increase in prices over the next five years, according to The Intermediary.co.uk. Of course, market fluctuations are bound to happen, but at the end of the day, movements like this are helping to not only
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bolster the market but also provide residents with new opportunities. With newer builds being created all the time, and a lot of work being put into the local redevelopment of the area, it’s going to be interesting to see how much potential Newcastle properties have moving forward.
It would not be surprising to see investors flock to the area as well, especially when you look at how much house prices are increasing and how this could have a knock-on effect.