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Opportunities in the North East Shine Through the Brexit Fog

Homeowners in the North East of England have seen the highest percentage price rise than the rest of the country.

Average asking prices in the region have risen 3.31%. A sharp contrast to the price rises in London, West Midlands and the North West, that stand at 0.7%, 0.3% and -1.11% respectively. This hike leaves homeowners in the North East hoping to see a rise of £1,000 a month in the value of their homes since January 2018.

Although asking prices do not necessarily mean the property will sell for that value, the rise in valuations certainly mean that the region is becoming a sought after location.

In order to look conclusively on property prices in the region we can access the latest ONS house price index, which is collated using official Land Registry Sold Prices.

UK
– The average cost of a home across the UK is now £226,367.
– The price of a residential property rose by 5.4 per cent in the year to September.

England
– The average cost of a home in England now stands at some £243,945.
– Property prices increased by 5.7 in the twelve months to September.

North East of England
– A house in the North East costs an average of £130,271.
– Prices grew by 4.4 per cent in the year to September.

Selected North East of England local authority areas:

County Durham
– Average house price = £105,208.
– Annual price growth = 3.1 per cent.

Darlington
– Average house price = £133,793.
– Annual price growth = 5.1 per cent.

Gateshead
– Average house price = £129,568.
– Annual price growth = 1.9 per cent.

Newcastle upon Tyne
– Average house price = £164,985.
– Annual price growth = 4.2 per cent.

Sunderland
– Average house price = £118,276.
– Annual price growth = 5.6 per cent.

With the region seeing mass development opportunities, industrial expansion is back in the news. Nissan’s current tendering for suppliers has also given hope for large factories in the region that 2019 could be a good year.

The development of a new overpass from Nissan to the A19 is already providing jobs to the region and an influx of new buyers into the area.

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