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Prices in the North East are rising

The North East features prominently in the best areas for buy-to-let, the house prices in the North East are some of the most affordable in the country, combined with high demand for good quality rental property, give some of the highest yields on rental properties in the UK, so now is the time to buy! 

The North East is the only English region yet to surpass its pre-economic downturn peak of July 2007, however this is expected to change.  The agent Savills has suggested that the North will start to outperform South across the wider UK housing market, many factors are influencing this trend including areas in the south such as London are hitting up against the limits of affordability.

In January of this year (2020) This is money website reported that Savills expect house prices to rise in the North East by 20% in the next 5 yrs.  (https://www.thisismoney.co.uk/money/mortgageshome/article-7801417/What-property-prices-Britain-2020-onwards.html )

Rightmove currently reports that sold prices in the North East are 5% up on 2017.  Overall sold prices in County Durham over the last year were 3% up on the previous year and 6% up on the 2017.  (Correct as of 5th June 2020 https://www.rightmove.co.uk/house-prices-in-County-Durham.html)

We are specifically seeing an increase in property values in the areas we are working in because we are improving the properties inside and out, and therefore improving the area as a whole. 

In addition, there is a lot of external investment going into the area;

New Amazon logistics centre is creating 1000's jobs - https://www.readylet.co.uk/blog/new-amazon-logistics-centre-is-creating-1000s-jobs-in-county-durham

New Railway in Horden, 20 trains a day improving employment opportunities and ease of travel in the area - https://www.readylet.co.uk/blog/new-railway-in-horden

Factory Opening near Easington https://www.readylet.co.uk/blog/factory-opening-near-easington

Growth and Investment in Durham Tees Valley Airport - https://www.readylet.co.uk/blog/growth-and-investment-in-durham-tees-valley-airport

Some of the Best recently performing areas in country Durham –

Overall, sold prices in Wingate over the last year were 10% up on the previous year and 14% up on the 2006 peak of £125,370.

Seaham Overall, sold prices over the last year were 7% up on the previous year and 7% up on the 2007 peak of £130,101

June 2020 update- 5yr House Price forecast in North East still expected to be 20%!  https://www.savills.co.uk/insight-and-opinion/research-consultancy/residential-market-forecasts.aspx

If you are looking for high yielding property to invest in then call us or fill out the form for more information.