An article recently published has listed the most affordable locations for single buyers to consider. One of the recommended locations was Newcastle-under-Lyme, which appeared at top of the list.
We decided to look at this town with TwentyEA’s Homemover data and compare a few locations close-by to see if indeed this is a value for money location for buyers in general.
The average asking price for a property in Newcastle-under-Lyme is £196,400, while the average time that a property is on the market for is 115 days. Stoke-on-Trent is a ten-minute drive away and the average asking price for properties there is £208,421 with properties being on the market for an average of 127 days. Crewe which is just over 30mins away by car has properties which have an average asking price of £274,616 and properties are on average on the market for 165 days. Nantwich is a small town which is also just over 30mins drive away from Newcastle-under-Lyme has properties which have an average asking price of £306,763 with a property typically being on the market for 200 days. The last town to compare property prices with Newcastle-under-Lyme is Macclesfield where properties there have an average asking price of £330,140 with a property typically being on the market for 153 days. The fact that Newcastle-under-Lyme has the shortest time on market of all of these areas suggests that it is the most in-demand area, as well as being the cheapest.
Newcastle-under-Lyme’s average rental asking price is £697 per calendar month (pcm) and on average a property is on the market for is 97 days before the property has a tenant or the property is taken off the market. Stoke-on-Trent on average is more competitively priced compared to Newcastle-under-Lyme, and only 10 minutes further by car. Properties in Stoke are on average £558pcm and are on the market for 79 days. Crewe has an average asking price of £661pcm which is slightly less that Newcastle-under-Lyme, while being still more expensive than Stoke. Rental properties in Crewe are on the market for an average of 81 days. Nantwich is more expensive compared to Newcastle-under-Lyme, with properties having an average asking price of £757pcm. However, properties are only on the market for average of 70 days which may imply that there is a market for rental properties in the town. Macclesfield’s average asking price on the rental market is almost double that of Stoke-on-Trent, at £1,058pcm and properties are on the market for 62 days, suggesting despite the price these properties are relatively in-demand.
From our data you can see that Newcastle-under-Lyme does seem to be competitively priced for those who are considering purchasing a property, with lower average asking prices than surrounding areas. Looking at the rental market properties, there is a different trend happening. Some of the more expensive locations to buy, such as Stoke-on-Trent and Crewe, actually have cheaper rental property prices. However perhaps unsurprisingly, Macclesfield is still the most expensive place to buy and rent.
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