Key indicators for buyers
The NE98 market is moderately favourable for buyers. Affordability has improved from a peak of 6.6x in 2007 to 5.7x today. Rising rents (£1,199/mo, +15.8%) mean the cost of waiting is real.
Yearly averages · HM Land Registry Price Paid Data
The average property in NE98 sold for £330,004 in 2022, with a median of £379,142.5 across 4 transactions.
House price ÷ median earnings · ONS data
Affordability data shown for wider Newcastle upon Tyne area
A home in Newcastle upon Tyne costs 5.7x the local median salary — moderate, improving from a peak of 6.6x in 2007.
Average monthly rent · ONS Private Rental Index
Rental data shown for wider Newcastle upon Tyne area
Average monthly rent in Newcastle upon Tyne is £1,199, up 15.8% year-on-year. Rents have risen consistently over the past five years.
2yr fixed · 75% LTV · 25yr term · BoE avg. rate
Based on the average Newcastle upon Tyne price of £330,004 with a 25% deposit (£83k), a 2-year fixed mortgage at 3.97% costs around £1,302 per month.
Monthly cost comparison based on current data
Uses NE98 avg. price with Newcastle upon Tyne rental data
Monthly mortgage payments (£1,302) are £103 more than renting (£1,199). However, buying requires an upfront deposit of £83k — it would take around 10 years to recoup that cost compared to renting and investing the difference.
Latest transactions · HM Land Registry Price Paid Data
| Address | Type | Price | Date |
|---|---|---|---|
DUNSTANBURGH HOUSE, BUILDING 5, BENTON PARK VIEW NE98 1ZZ | Other | £354,074 | 7 Dec 2022 |
ALNWICK HOUSE, BUILDING 6, BENTON PARK VIEW NE98 1ZZ | Other | £404,211 | 7 Dec 2022 |
SPORTS HALL, BENTON PARK VIEW NE98 1AE | Other | £48,100 | 7 Dec 2022 |
TYNEMOUTH HOUSE, LONGBENTON ROAD NE98 1YF | Other | £513,631 | 7 Dec 2022 |
The most recent recorded sale in NE98 was a other property on Benton Park View for £354,074 in December 2022. Across the last 4 sales, the median price was £404,211.
Data sources (all free & public): HM Land Registry Price Paid Data & UK House Price Index · ONS Housing Affordability Ratios · ONS Private Rental Index · Bank of England Quoted Household Interest Rates · HMRC Monthly Property Transactions
Contains HM Land Registry data © Crown copyright and database right 2021. This data is licensed under the Open Government Licence v3.0.