New research from North East sales and lettings firm KIS showing what the Metro Map would look like if the names of the stations were replaced with the average cost of renting a home there shows that on average monthly rents vary £90 from stop to stop.
The map shows the typical cost per month of renting a two-bedroom property within a quarter of a mile of every one of the Metro’s 60 stations – revealing which areas are Tyne and Wear’s property hotspots.
The research shows that excluding central Newcastle, the top five most expensive places to rent in Tyne and Wear on a per calendar month basis are:
- 1. West Jesmond (£863)
- 2. Tynemouth (£848)
- 3. Jesmond (£713)
- 4. Ilford Road (£685)
- 5. South Gosforth (£673)
The cheapest five areas to rent on the other hand are:
- 1. Byker (£347)
- 2. Tyne Dock (£423)
- 3. Heworth (£439)
- 4. Millfield (£444)
- 5. South Shields (£450)
The largest differences from station to station meanwhile are:
- 1. £578 (Manors to Byker)
- 2. £443 (Jesmond to Haymarket)
- 3. £360 (Tynemouth to Cullercoats)
- 4. £329 (Tynemouth to North Shields)
- 5. £306 (Central to Monument)
Ajay Jagota, Managing Director of KIS and founder of insurance backed deposit-free renting solution D_Lighted responded to the figures:
He said: “Every month our Housing NOW market intelligence report provides an in-depth look at the true state of the North East property market on an area-by-area basis, but by grouping all rents and house prices in the biggest areas together we felt we weren’t necessarily telling the whole story of rents in Newcastle, Sunderland and even Gateshead.
“We thought this would be a eye-catching way of taking a closer look at the region’s property hotspots, and although few people will be surprised to see that places like Jesmond and Tynemouth are the most expensive areas, it is striking to see the change in rents from station to station laid out on the Metro map.
“For example, Byker and Chillingham Road are a little over a mile apart – but moving from one to the other will save you £273 a month – that’s nearly £70 every week. Tynemouth the North Shields is a three minute train ride, but a rent difference of over £300 a month.
“This is our first attempt at collating this data, and it’s been tricky to get a totally accurate picture when stations are close together or where very exclusive properties are perhaps skewing the figures, but we think in time this could be a valuable way of analysing local popularity trends for our customers from both a residential and investment perspective.”