Table of Contents
- Auction Properties In Newcastle
- Property Prices In Newcastle
- Auction Properties in Newcastle FAQ
- Where Should You Look For Auction Properties In Newcastle?
- What Type Of Auction Property In Newcastle Should You Look For?
- Five Reasons To Buy Auction Properties In Newcastle
- Some Final Thoughts About Buying Auction Properties In Newcastle
Auction Properties In Newcastle
Buying Auction Properties In Newcastle
The prolific number of sales makes buying auction properties in Newcastle a popular option for house buyers. Whether you want to buy as an investment or intend to make your home in the North East you should be able to find some property bargains.
The population of the city is around 300,000 and you will have a wide variety of properties from which to choose. You can find expensive houses but there are also plenty of modestly priced homes. The prices demanded at sales will depend upon the area you choose and the state of the property. Below is some basic information that will assist you in buying auction properties in Newcastle.
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Property Prices In Newcastle
In England house prices in the year to January 2020 rose on average by 1.1% but in Newcastle the property market has surged in the last three years and the rise was higher at 1.4%. In the city centre the increase was even higher and in March 2020 it stood at 6%. Demand for properties in Newcastle is increasing so now would be a good time to look at buying an auction property.
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In the last year semi-detached houses in Newcastle sold for an average of £194,319 whilst terraced homes averaged at £183,957. As in other parts of the UK property prices in Newcastle are determined by location and the condition of the building. There are several locations which have been regenerated but which still offer bargain prices for new homes. A studio flat on the up and coming Quayside can be purchased for £82,000 and in the same area you can find a 5-bedroom duplex apartment for as little as £255,000.
Auction Properties in Newcastle FAQ
How Can I Find Auction Properties In Newcastle?
Auction properties in Newcastle can be located by means of the Internet and advertisements in local and national press. Most Newcastle property auctions operate along similar lines and there are plenty of property auction websites.
How Much Are Auction Properties In Newcastle?
Average house prices in Newcastle stand at around £200,000 with smaller homes costing a lot less. Auction properties in Newcastle usually start at a lower guide price. Prices depend on amenities in the area and the size and condition of the property.
Which Areas Are Best To Find Auction Properties In Newcastle?
Newcastle has good transport links by metro so you can choose to look at Gosforth, Byker or Jesmond which are all good areas to buy auction properties. Wallsend is also well served and is another good option for buying property at auction.
Can I Buy Repossessed Properties At Auction In Newcastle?
Yes, repossessed properties are often put up for auction in Newcastle. Both banks and finance companies have lists of properties available. You can also contact the local council for a list of social housing that has been repossessed and is available for auction.
Where Should You Look For Auction Properties In Newcastle?
The property market in Newcastle is currently very active and growth is forecast to continue. Affordability of housing is key and as well as the city centre there are several areas where you could look for auction properties in Newcastle. Some locations which are suitable for consideration are listed below.
A well-established residential area, Gosforth is located on the Great North Road and north of the city centre. There are three metro stations so travelling to the city is easy. Houses in Gosforth can be expensive but auction properties such as a former council home 3-bedroom maisonette start with a guide price of around £35,000.
Byker lies East of Newcastle city and has a metro stop linking the area to the centre. Formerly known for old Victorian terraced houses, Byker also has maisonettes and a guide price for a 2-bedroom flat starts at just over £30,000. A £25 million regeneration plan has made this area a good prospect for property investment.
One of the North West suburbs of Newcastle is Kenton which has a range of residential properties. There is a good mix of traditional 1930s housing and more modern private estates. Kenton Dene is an open area where festivals and events are held. A 3-bedroom semi-detached house in Kenton starts at around £230,000.
The metropolitan town of Wallsend has a population of around £43,000 and is 3.5 miles east of the city. A big expansion in housing following World War 2 means there is a good mix of properties available. Prices are lower in Wallsend and you can get a 3-bedroom terraced house for a starting price of £80,000. Wallsend metro station give you easy access to the city centre.
Located 7 miles east of Newcastle the village of Throckley has good transport links and a wide selection of properties available at auction. Terraced houses from the turn of the nineteenth century are located in the High Street and there are plenty of post war semi-detached homes nearby. A modernised 3-bedroom semi-detached house can be seen at auction with a guide price of £105,000. Throckley also has some more expensive properties including large country homes that attract a value of around £890,000.
What Type Of Auction Property In Newcastle Should You Look For?
Urban regeneration means that many older properties have been demolished but you can still find plenty of choice when you search for auction properties in Newcastle. Residential, commercial and derelict or development properties are all available.
Commercial Properties For Auction In Newcastle
Offices, restaurants, retail and industrial properties are all available in Newcastle. You can also buy units on a business park for very reasonable prices. 750 square feet of office space can cost upwards of £90,000 and a leasehold retail shop comes in at a similar price.
Residential Auction Property In Newcastle
A 2-bedroom apartment can be purchased at auction from a starting price of £65,000. Investors will find that an income of £500 per calendar month is the average for this size property. Newcastle has two universities so rental income is easy to come by. A 5-bedroom house can bring in as much as £1,800 pcm.
Derelict Or Development Auction Properties In Newcastle
Homes that are derelict or in need of complete renovation are available in Newcastle. A list of these can be obtained from the council. Some of these development properties come up for auction and the guide price will depend entirely upon the state of the building.
Resources for property buyers in Newcastle:
Council tax rates in Newcastle and surrounding areas
Find out more about the city of Newcastle in England
Five Reasons To Buy Auction Properties In Newcastle
1. Newcastle Is A Friendly Place To Live
Known as one of the friendliest places in the UK, Newcastle has residents who are always welcoming, polite and helpful. Quality of life is important and at Newcastle you can have the city life you want plus blue flag beaches and easy access to beautiful countryside.
2. Culture, History And Architecture In Newcastle
The number of Grade 1 and 2 listed buildings in Newcastle seems endless especially in Grey Street where you can see a wealth of Georgian houses, a Grade 1 covered market and Grey’s Monument. Seven beautiful bridges span the River Tyne including the tilting Millennium Bridge and the Swing Bridge.
3. Multiple Transport Links To Newcastle
Newcastle is said to be one of the most accessible cities in the world. Transport links to the city encompass roads, railways and the airport. Newcastle has it’s own metro system which is continually being expanded. There are also excellent bus services and the council is promising a further increase in cycle paths throughout the city.
4. Property Prices Are Reasonable In Newcastle
Not only is Newcastle a great place to live, it is also a good place to invest in property. Newcastle has transformed from an industrial base to a modern economy but property prices are still very reasonable. Houses cost on average one-third of London prices. The cost of living is also lower and currently stands at 20% lower than the capital.
5. Newcastle Is A Compact City
The compact nature of Newcastle makes it a small city with everything you need. Culture, great night life and excellent shopping facilities are all within easy reach. You can walk across Newcastle in 15 minutes. There is also a lot of green space within the city and the Town Moor covers some 1,000 acres making it larger than Hyde Park or even Central Park.
Some Final Thoughts About Buying Auction Properties In Newcastle
You will encounter both seasoned bidders and first time buyers looking for bargains when buying at a Newcastle property auction. Although it is an exciting prospect it is important to go prepared and know the area of Newcastle you are interested in. Stick to a budget and always visit the property beforehand. This will give you a feel for the area.
Get a survey and always ensure that you have arranged the necessary finance. Remember that a successful bid means you are legally obliged to buy. There are also stamp duties and VAT to take into consideration. Newcastle offers some great properties at good prices and with the whole of Newcastle at your disposal you stand a good chance of finding the auction property of your dreams.