Hi Snap.
Not sure what sort of accomodation you are looking for but I did the race in 2002 and 2003 and camped for the weekend. There are 2 campsites on the coast road in South Shields within walking distance of the finish, so very convenient!) which are totally taken over by runners for the weekend. They can't be booked in advance, you just turn up there on the weekend of the race and pay £5 for a tent pitch (£5 per night I think...well I only stayed for the sat night before the race). It's great because everone else on the campsite is running too and there are special buses laid on early on the sunday morning to take all the runners into Newcastle for the start. You do have to pay the bus fare...think it was £2 something.
Anyway, that's a option to consider, a very good cheap one!!