King Sturge, one of the largest European independent property consultants, has reported a surge of 20-30 year olds choosing to invest in Northern cities – and in particular, Newcastle.
A spokesperson for the Newcastle-upon-Tyne branch, Matt Collis, said that the cost of buying a home in the city was mainly lower than the national average – although he insisted that there are certain areas now fetching over a million pounds for particular properties.
As well as buying property to live in, more and more young lawyers and doctors are said to be obtaining buy-to-let mortgages, with the influx seeing the short-term lettings market “proliferate”.
Youngsters are also said to be attracted by the city’s social life and arts scene with Collins saying: “The city centre is great; the Baltic’s been done as an arts centre and you’ve got new development there, so a lot of young people do want to be here now. If they rent, that’s fine, the investors are buying the flats and letting them to the professionals. And if they buy, that’s fine too, because you can still get a two bed en-suite modern flat overlooking the river and bridges and everything for about £185,000.”
© Adfero Ltd
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