is investing in holiday let at Whitley Bay Newcastle by the beach a good idea

[Jayman21]

Hello All,
I went sight seeing around the Whitley Bay Newcastle area and I saw potential there but since I am not from the area I decided to ask via the forum. Is it a good idea to invest there for example a one bed flat, studio for holiday lettings. Is the area a good area for investment? The sea front looks attractive for holiday seekers. Look forward to your comment.
Kind regards
Jay

 

[nmb]

Historically much of the Whitley Bay economy has been centred round entertainment and attracting partygoers to the region. I have taken a quick look at the recent press comment and it seems that this particular area of the local economy is struggling with experts hopeful that the local authorities will act to revive the entertainment industry. Could this be why the properties you have looked at in the region are looking attractive in the short term? Could this be a good buying opportunity?

What kind of rental yields does a one bed flat bring in Whitle Bay?

 

[Jayman21]

Hello @nmb you are right. Entertainment brought that town to life in its early days. Driving pass the town i realised untapped opportunities. Without thinking too far the authorities have indeed taken action. for the property market there and its economy to improve there have to look back into entertainment of some sort.

The Spanish City was once its glory which became part of a modern amusement park and was immortalised in the 1981 Dire Straits song "Tunnel of Love". Later the spanish city failed to operate for years fell into disrepair.

The government have now committed to revamping the spanish city with £3.5 m (Whitley Bay's Spanish City wins £3.5m revamp)

This will revitilise the property development market there in Whitley Bay. The future seems bright for whitley bay so now is the time to invest in its future.
Cheers
Jay

 

[nmb]

Hi @Jayman21

I totally agree with all of your comments and as I was born and bred in the North of England I did actually visit the Spanish City a number of times in my youth. We can only hope that the £3.5 million revamp encourages more investment in the region. As you suggest, I also believe there will be attractive investment opportunities in the short to medium term as the revamp finally gets underway. Good luck with your investment!

 

[Jayman21]

@nmb I have not made up my mind just yet to invest but looking closely at the opportunity. Thanks anyway.

 

[nmb]

@Jayman21 I was just wondering which other areas of the North of England you have also looked at? I am originally from Northumberland and some of the countryside and the views there are breathtaking. The train line across Carlisle to Newcastle is a very popular commuter link with the likes of Hexham accommodating a growing number of people working in Newcastle and the surrounding areas.

 

[Jayman21]

@nmb. I must say that I have not assessed other areas but from the little I have seen, Newcastle and its surrounding are ideal for investment. There is a growing population of work force and students now drawn into Newcastle. This alone create high demand in the area month in month out. Since you are from Northumberland I would guess you may be looking into Newcastle and immediate surroundings. If you learn of other opportunities please do share.

 

[nmb]

@Jayman21 I was watching the news earlier today and see that property prices in Scotland’s coastal towns have increased by 40% over the last decade. This shows there is demand for properties on the coast although there are also other factors to take into consideration such as the local economy, etc.

 

[Jayman21]

@Jayman21 I was watching the news earlier today and see that property prices in Scotland’s coastal towns have increased by 40% over the last decade. This shows there is demand for properties on the coast although there are also other factors to take into consideration such as the local economy, etc.

@nmb. I may be curious to find out what the drivers has been over the period that has triggered the increase in property prices.

 

[nmb]

I would guess the main drivers have been holiday lets (and the buy to let market) and an increase in both home-based and foreign tourism in the coastal areas of Scotland. I live in Scotland and some of the coastal scenery is breathtaking!

 

[lookinginvest]

Hi @Jayman21 I was wondering if you could update us on your property investment plans? Did you take the plunge?

 

[Jayman21]

Hello. This post has been for a long time and wondering how others are getting on with their property investment? Any stories? most especially given the current pandemic.

 

[Mikey20]

Property investments are down overall. Stocks have become the flavor of the season across the board for investors !

 

[Jayman21]

Thank you for your comment

 

[Dora Wi]

Hello. This post has been for a long time and wondering how others are getting on with their property investment? Any stories? most especially given the current pandemic.

I hear the Whitley Bay Newcastle area that the original post mentioned has been doing well since the pandemic started, many people invested there as holiday properties became a popular choice. If the poster ended up investing there, it was probably a good decision.

 

[Faseret]

Good