Residential property market analysts, Hometrack, have revealed new data on the concentration of new build property in the North East — declaring that the North East of England has the greatest concentration of new-build homes in the UK. Over the last twelve months, 14 percent of property transactions in the North East have been considered as a new build, coming in higher than the national average of 11 percent.
North East house prices are on the rise. According to figures published by sales and lettings firm KIS and renting firm Dlightedm, North East homeowners have seen a £5000 increase in the value of their property in as little as four weeks. April saw a 3.2 percent increase in regional property value, with an average property in the region worth £7000 more than this time last year. Tynemouth properties, however, boasted one of the highest average price increases of 4.1 percent, equating to a monthly increase in cash value of £11,901.
Research by the Hamptons International Monthly Lettings Index shows the cost of renting a property in the North East has fallen by 0.3 percent. The last year-on-year fall was recorded in June 2014, meaning this is the first decline in rent prices in four years. Returns are currently stooping below average for investors, as average rental yields are at 4 percent. However, renters in the region are coming up better off, with the possibility of using the declines as a way to save for a place of their own.
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Blyth has been revealed as the cheapest coastal location in which to rent in the North East, with average monthly rents sitting at £425, according to KIS and Dlighted. Beside the seaside, however, appears to remain a desirable location for tenants, with average monthly rents at £844 in Tynemouth.