A major housing development, designed to breathe new life into the west end of Newcastle has proved extremely popular with young, local buyers.
So far, 66% of those who have bought at The Rise in Scotswood have moved less than five miles to their new home - with 80% moving less than ten. And almost two thirds (64%) are 30 or under.
These modern, eco-friendly homes, located just two and a half miles from the city centre have also offered the opportunity for local people to get onto the property ladder - with first time buyers accounting for 75% of all private sales.
In addition 82% of all those who have bought have taken advantage of the government’s Help to Buy scheme designed to get the property market moving again.
The four main reasons that buyers gave for their decision to choose a home at The Rise were price and design (both 25%), proximity to work (14%) and location (13%).
Situated on the banks of the Tyne, the homes in the first phase of construction went on sale in April. To date 90 have been sold.
The new properties are being delivered by the New Tyne West Development Company (NTWDC) – a private/public partnership comprising Newcastle City Council, Barratt Homes and Keepmoat – which plans to construct up to 1,800 new properties over the next 15-18 years.
As well as homes to buy, around 15% of the new properties will be available for affordable rent and shared equity – helping to tackle the growing shortage in the social housing sector. The project has also created apprenticeships – 14 to date – jobs and trading opportunities for local businesses.
Duncan Bowman, Development Director with NTWDC, said: “When this project was being planned, concerns were expressed that the homes to be created would be beyond the reach of local people. The facts tell a very different story.
“This is an exciting development of innovative, sustainable homes which are being snapped up by local people who can see the huge benefits this community has to offer. There are fantastic schools – including one primary school with an outstanding Ofsted rating - great community spaces and excellent potential in the form of new facilities and commercial property which is planned.
“Although a large proportion of our buyers have been from the local area, we have also seen people travel from far and wide – and even overseas – to join an already vibrant community with a bright future.”
