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Properties in Newcastle are generally more affordable compared to cities such as London, Bristol, and Edinburgh. Newcastle is a student city, and therefore, individuals who wish to rent their property to students will have several tenants waiting for them. Furthermore, a significant increase in Buy-to-Let properties can be seen in several areas in Newcastle.
Needless to say that the City Centre of Newcastle is very popular amongst students and professionals who wish to live close to events and activities. Buying a property in the City Centre area costs an average of £273,946. However, it is almost guaranteed that you will be able to rent to property very quickly. The average rent for a 3-bedroom property in the City Centre is £1,450.
Jesmond is an excellent place to invest in. Several people buy properties in Jesmond and convert them into student accommodation or HMO properties to maximise rental profit. Jesmond is a centre of students in Newcastle due to small and trendy shops and restaurants - Osbourne Road is always busy during the day and night. The average property in Jesmond costs, on average, £223,858. The average rent of a 3-bedroom property in Jesmond is around £1,500 per month.
Sandyford is ideally located close to universities and only a short walk away from the City Centre, which attracts many students. You can expect to pay on average £165,044 for a flat in Sandyford, and most of them are Tyneside flats. In Sandyford, a 3-bedroom property costs on average of £1,200 per month for tenants.
It is very close to the famous park Jesmond Dene and has its local restaurants and bars that attract people from around Newcastle. In short, Sandyford is an excellent area to purchase a Buy-to-Let property as students are very eager to move to this area due to its ideal location.
Flats in Heaton cost an average of £125,843 and renting 3-bedroom flat costs on average £950 per month. The area has welcomed more and more students within the last years and especially postgraduate students or recently graduated professionals move to Heaton for the cheaper rent compared to City Centre and not to live too close to louder undergraduate student areas such as Sandyford and Jesmond.
The properties in Heaton are beautiful Victorian and Edwardian homes. They are suitable for Buy-to-Let landlords as there will be no shortage of tenants.
In Gosforth, you can expect to pay on average £250,178 for a property. It is a friendly and more quiet area where there is forest and parks close everywhere. Some people even think it is the best place to live in Newcastle.
Gosforth is only a few metro stops and a 10-minute drive away from the City Centre and has all its small coffee shops alongside good schools. Most individuals who live in rental properties in Gosforth are professionals or recently graduated university students. This is because, for many university students, Gosforth is not close enough to universities. Tenants who want to rent a 3-bedroom flat in Gosforth should be prepared to pay on average £1,200 per month.