Half of the UK’s 10 cheapest postcodes, based on the average house price per square metre, are found in the North East, according to a new study by Sell House Fast.
The cheapest place to live in the North East, the study found, is within the NE17 postcode area, in the Metropolitan Borough of Gateshead.
People buying a house there can expect to pay just £1,377 per sqm, according to Sell House Fast.
The postcode covers the villages of Chopwell and Blackhall Mill, close to both Newcastle and Gateshead city centres.
Sell House Fast describes how these villages were historically built around coal mining, and they experienced significant job losses following pit closures, with the long-term economic decline reduding demand for housing locally and keeping property prices comparatively low.
But Blackhall Mill in particular has been described as a ‘lovely little village’, with a ‘beautiful’ community, ‘glorious’ countryside on your doorstep, and a ‘marvellous’ cafe and bakery.
One person called it the ‘best place to live in Gateshead’, while another said it is ‘absolutely lush’.
The study was conducted using residential property sales from the latest UK Government’s Price Paid Data report, with internal floor area measurements taken from Energy Performance Certificate (EPC) records.
Below are the five cheapest postcodes in the North East, according to Sell House Fast.
5. NE17 - £1,377 per sqm
The NE17 postcode area in Gateshead is the cheapest in the North East and the 2nd cheapest in the UK as a whole, according to Sell House Fast, with an average house price of £107,178, and an average price per square metre of £1,377. | Google Photo: Google