Newcastle property prices have shot up by 24.78% over the past five years, according to data taken from Zoopla as at December 2017. The average value of an apartment in Newcastle now stands at £143,786. That’s more than four times cheaper than the current value of an average London apartment, which has now reached £674,589. This makes Newcastle a fantastically affordable prospect for property investors.
The current asking rent in Newcastle stands at £979 at the time of writing. Combined with the bustling city’s affordable property prices, and a 12% population increase in the five years to 2016, the figure highlights the potential of buy-to-let property investment in Newcastle.
Newcastle is a thriving city. The Smart Cities Index has just identified it as the UK’s second best city for digital and tech job growth, with only London achieving a faster growth rate. The city was also highlighted as the top city for innovation in education, with its leading universities doing much to push it up the rankings, in their work preparing the next generation of Newcastle entrepreneurs and innovators. Newcastle is now ranked as one of 12 ‘contender’ cities in the UK, alongside the likes of Manchester and Birmingham.
For more information on our developments and the investment case for Newcastle, please contact the team at Surrenden Invest today.