"Will the local housing market be boosted by new Enterprise zone?" asks Newcastle upon Tyne Conveyancing Solicitor

Will Newcastle upon Tyne's housing market benefit from local Enterprise Zones announced by the government?

The recent news that the Government has approved two enterprise zones for the north-east is expected to help create more jobs in and around Newcastle upon Tyne. The northerly zone takes in  River Tyne North bank, including Neptune Yard in Newcastle, Swan Hunter in North Tyneside, and the Port of Tyne North Estate, as well as the Ultra Low Carbon Vehicle sites adjacent to the A19. It is expected that over 7,000 direct new jobs will be created in the enterprise zone by 2022.

Prime Minister David Cameron said “Enterprise Zones are a major step towards delivering this - cutting business taxes, easing planning restrictions and giving business the tools they need to invest and expand” while Business Secretary Vince Cable commented “Enterprise Zones are creating an environment for businesses to grow in places with the most potential.”

It is to be hoped that this initiative, coming on top of previous government plans to rejuvenate the area, will benefit the housing market in Newcastle upon Tyne. Certainly the city is now a great place to live, with first-class shopping and entertainment readily available. New developments along the quayside offer spectacular riverside views, and Conveyancing Solicitors in Newcastle upon Tyne report good interest in apartments in this area.

New developments in Newcastle upon Tyne attract new buyers

House-builders such as Barratt and Bellway find strong interest in the new homes they are building in various parts of the Newcastle upon Tyne area. One such is the Leazes, a development by Barratt of starter and family-sized homes in the village of Throckley to the west of Newcastle with an easy commute to the city centre and the major employment areas and amenities in Newcastle. Bellway  plan construction of The Covers 2 at Kings Road South, Wallsend, NE28, which will provide a range of 3 and 4 bedroom houses built to this builder's exacting standards.   

When buying a new home it is important to instruct a Conveyancing Solicitor in Newcastle upon Tyne who is conversant with the acquisition of new-build properties, and Fridaysmove can assist with this. Many developers offer attractive schemes for buyers, such as part-exchanging your existing property, and new purchasers may benefit from the government-backed 'first start' scheme. Property Lawyers in Newcastle upon Tyne can also advise on possible stamp duty savings available for first-time buyers.

Many sellers also offer dwellings for sale on a 'part buy, part rent' basis. These shared equity schemes, which allow the purchaser to acquire a share for a reduced price, require proper advice from a Conveyancing Solicitor in Newcastle upon Tyne . Rent has to be paid on the value of the outstanding share, but there is the possibility of acquiring additional shares at a later date.

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