It is fair to say people have perceptions of the North East of England, even if they have never been to this part of the world. Perhaps because they haven’t been to this part of the world. For many, the North of England is a far and distant land, but with remote working options and a desire to find value for money, many people are broadening their horizons.
At Urban BASE, we love the North East, and we think the local housing market has something for everyone. Yes, there is tremendous value for money, and if you have been let down by the South of England when it comes to space and comfort with a property, you’ll find plenty to love here.
What constitutes value for money for you in the housing market?
Of course, while value for money and affordability is essential for many households when looking for a home, there are many buyers looking for something more substantial.
A recent study by an auctioneer and homebuying organisation found a total of 57 properties which sold for more than £1m in the North East, between September 2021 and 2022. This equates to more than £1m plus sale per week in the past year. The total value of these properties, based on HM Land Registry sold prices, amounts to more than £90m.
The most expensive property sold in this time was sold for £4,750,000. The property was on Adderstone Crescent in Jesmond.
Durham and Darlington are fantastic locations
If you are looking for a place with a number of million-pound homes, Durham is an excellent place to look. There were five properties here selling for at least £1m, and the most expensive property in Durham, was in Ramside Park, in Carrville.
Another area with a collection of highly-valued homes is Darlington. In the past year, four homes in Darlington sold at a price greater than £1m. A notable home was the property on Carmel Road South, which sold for more than £2m.
Property Solvers co-founder Ruban Selvanayagam said: “Although there remains a fairly healthy volume of sales in this price bracket, such a pronounced drop would suggest that buyer appetite for these types of homes is decreasing. £1 million+ properties – even for the wealthy and overseas investors – are major commitment and indeed affected by the wider economy. With unabated inflationary pressures and rising interest rates as a result, not to mention an expected drop in foreign investment in Central London in particular, it would not be too much of a surprise to see a continued cooling off across the high-end property market in the coming year at least.”
If you were unaware the North East of England held such properties, and housing market options for all budgets, it is possible time you got to know the area better. At Urban BASE, we are more than happy to help you find what you are looking for.
Contact Urban BASE for all your property market needs
If you would like to arrange an appointment to discuss your next move in the property market, we are always happy to help. Call us on 0845 6431186 today.