The latest Hamptons housing market forecast predicts that North East house prices will rise by 21.5% by 2024. With average property prices around £143,000 (May 2021), the region is the cheapest of eleven across England, Scotland and Wales to buy. Offering more house for your money and plenty of outdoor space to go alongside, investing in property in the North East is an exciting prospect. It’s also a great place for a holiday home purchase as we’re in the midst of a staycation boom.
So if you missed the Stamp Duty Holiday window, fear not because with some of the lowest average property prices and features in The Times Best Places to Live in 2021, the demand for property and the return on investment in the North East is growing.
If you’re tempted to buy in the North East, here are some of the best places to reap the rewards of the property boom:
Durham, County Durham
Durham’s property market mix includes affordable and luxury homes, with average prices around £196,000. Victorian terraces, semi-detached and detached homes are all popular among buyers. Durham Cathedral, the Railway Viaduct and the university that brought J. K. Rowling’s Hogwarts to life make it no surprise that Durham is featured as one of National Geographic’s most beautiful cities in the UK.
Durham is well-connected, with links to popular destinations in the North East and Yorkshire, including nearby cities like York, Leeds, and Edinburgh. Welcoming over 19 million tourists in 2017, it’s a staycation hotspot for families or parents visiting university students.
Tynemouth, Tyne and Wear
Sea air, miles of coastline, and friendly community take this Newcastle suburb to one of the top spots on The Times’ Best Places to Live list. As a popular destination for holidaymakers and 6 million visitors flocking to the town each year, it’s no surprise it was named the UK’s best seaside destination in 2021.
It’s a fantastic place to buy to let or purchase a holiday home, with property prices around £360,000 for terraces and flats boasting sea views.
The coastal village of Alnmouth has several independent restaurants, pubs and coffee shops and is ideally suited for a staycation or permanent relocation. With house prices averaging £340,000, housing in the Alnmouth area includes terraces, semi-detached and detached properties with unique views of the Aln.
Bamburgh is another beautiful coastal village, one of Northumberland’s best places to live and a beloved seaside location. While it’s not the most affordable area, with average house prices of around £626,000, it’s charming and perfect for a staycation.
The village is home to Bamburgh Castle, which dates back to the early medieval period and meets the edge of Bamburgh Beach. Just a short ferry ride from Holy Island, there is plenty to do in the area, including walking, cycling and watersports, creating a fantastic investment opportunity, with terraces, semis and detached accommodation available.
Newcastle, Tyne and Wear
Newcastle is a great all-rounder with excellent restaurants, cafes and rainy day activities on offer. Home to Newcastle University, the city is teeming with life and a popular choice for students, visiting parents and UK city break-ers. In addition, the city is well connected around the North East by bus, and it’s only an hour to York or an hour and a half to Leeds or Edinburgh by train.
From the Quayside on the north bank of the Tyne, and its sought-after city-centre apartments, to suburbs like Jesmond, with delightful detached and semi-detached housing, Newcastle is one of the most affordable places to live in the UK, with property prices of around £228,000.
Darlington, County Durham
With property prices averaging £162,700, Darlington is one of the most affordable places in the North East to buy. Located between the coast, the Yorkshire Dales, and the North York Moors, Darlington benefits from road links to Newcastle, Durham, York and Leeds.
With plenty of investment already underway, the town is home to some of the best urban housing in the country, with Victorian terraces, semi-detached and detached houses, and flats to buy or buy to let.
The North East is a fantastic place to live and, with this unmissable opportunity to make a great return on investment, buying property up there is a no-brainer. If you’re looking to move or invest, ensure that you contact a local solicitor who understands the local property market.