According to the latest Hamptons housing market forecast, house prices in the North East are set to rise by 21.5% by 2024. With average property prices of just over £143,000 in May 2021, the North East is the cheapest region out of the eleven regions across England, Scotland and Wales to buy.
So, if you’re kicking yourself for not taking advantage of the Stamp Duty Holiday, fear not because with some of the lowest average property prices and three areas included in The Times Best Places to Live 2021, the demand for property and return on investment in the North East is growing.
Whether you’re looking for a detached, semi, terrace or a flat, opting for a property in the North East promises more property for your money and plenty of green space to go alongside it – something we all need after months of lockdown.
With more people working from home than ever, many local solicitors, like Newtons Solicitors, have reported an influx in property-related enquiries over the past 12 months from around the country. It’s also a great place to snap up a holiday home ahead of the winter staycation boom, with the return on investment the largest in the country.
If you’re tempted by moving to the North East, here are six of the best towns and cities to buy a property and reap the rewards of the property boom:
Durham, County Durham
Durham’s property market is an eclectic mix of affordable and luxury homes, with average house prices of £196,000, according to Rightmove. Late Victorian terraced housing, semi-detached and detached homes are all popular among buyers in the city.
With the fantastic Durham Cathedral, the Railway Viaduct and the university that brought J. K. Rowling’s Hogwarts to life, it’s no surprise that the city was named one of National Geographic’s most beautiful UK cities in 2019.
Durham city is well-connected, with great transport links via bus and rail to popular destinations across the North East and Yorkshire, to nearby cities like York, Leeds and even Edinburgh, making it a staycation hotspot. Welcoming over 19 million tourists in 2017, it’s a perfect long weekend away for families or parents visiting children at the university.
Tynemouth, Tyne and Wear
Fresh 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. Also, Tynemouth beach, located at the mouth of the River Tyne was named the UK’s best seaside destination of 2021.
Tynemouth is an extremely popular destination for holidaymakers, with almost 6 million tourists making their way to the historic town every year. It’s a great place to buy, with property prices at the popular beach destination around £360,000 for terraces and flats that boast breath-taking sea views.
Or, how about a buy to let property or a holiday home? With property prices up by 10% on last year, Tynemouth is a great investment opportunity with the imminent staycation boom!
Another beautiful village on our North East shortlist is Alnmouth, located just 5 miles from the historic Alnwick. The small coastal village has several independent B&Bs, restaurants, pubs and coffee shops ideally suited for a staycation or permanent relocation. In addition, Alnmouth beach, set in the pretty Alnmouth Bay at the mouth of the River Aln, is perfect for long walks all year round, part of the Northumberland Area of Outstanding Natural Beauty and home to a wealth of wildlife.
With the average house price around £340,000, popular housing in the Alnmouth area includes terraces, semi-detached and detached properties that appear to spill down onto the beach and offer unrivalled coastal views of the River Aln.
Bamburgh is a beautiful village on the Northumberland Coast, another of The Times’s Best Places to Live and one of the UK’s favourite seaside locations. With an average property price of £626,000, it’s not the most affordable location in the North East, but it’s charming, historic and has a lot going for it.
The village is home to the infamous Bamburgh Castle, which dates back to the early medieval period and meets the edge of Bamburgh Beach, a popular destination for swimming, surfing and watersports for all ages.
Bamburgh has some of the most special skies in the UK, whether watching the sunrise, sunset or enjoying a dark night stargazing experience, set in the background of the stunning castle silhouette.
Just a short ferry ride from Holy Island, there is plenty to do around Bamburgh, including walking, cycling, golfing and museums. The abundance of activities around the village makes it a fantastic investment opportunity for home buyers, property developers and investors alike, with terraces, semis and detached accommodation available.
Newcastle, Tyne and Wear
Voted the safest place to live in the UK in a recent OnePoll survey, Newcastle has lots to offer its residents. From the Quayside on the north bank of the Tyne, with its sought-after city-centre apartments, to the suburbs of Jesmond, with delightful detached and semi-detached housing, to Fenham, the birthplace of Ant and Dec, Newcastle is one of the most affordable places to live in the UK, with an average property price of around £228,000.
Home to a Redbrick institution, Newcastle University, the city is always teeming with life; it’s an extremely popular choice for students and visiting parents, UK city break-ers and the occasional hen-do.
Newcastle is a great all-rounder with an abundance of excellent restaurants, cosy cafes and rainy day activities available at a moments notice. Plus, the coastal hotspots of Tynemouth, Cullercoats and Whitley Bay are just a short drive away from the city centre, where you can enjoy fresh sea air, quality fish and chips, and maybe spot a seal or two!
The city also benefits from outstanding transport links and is well connected around the North East by bus. Newcastle is only an hour to York and an hour and a half to Leeds or Edinburgh by train – a commuter’s paradise.
Darlington, County Durham
With average house prices at around £161,000, Darlington, County Durham, is one of the most affordable places in the North East to buy a property. The large market town is ideally situated between the coast, the Yorkshire Dales and the North York Moors, and benefits from road links to Newcastle and Durham in the North, and York and Leeds in the South. Even the beauty of the Lake District is just a stones-throw away.
With plenty of investment already underway in Darlington, the town is home to some of the best urban housing in the country. Victorian terraces, semi-detached and detached houses, and luxury flats are available around the area; there is something for everyone!
Not to mention, sold prices in Darlington were up 7% over the past year compared to the year before, and this steady increase is set to continue for all property types.
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 invest in a property in the North East, ensure that you contact a reputable local solicitor who understands the local property market to get the most for your money.
This article was written by Lauren Whitaker. Lauren is a Digital Content Creator at Zelst Limited, a Harrogate-based Digital Marketing Agency dedicated to helping clients be seen and get found online. With over a year of experience in digital, Lauren has written SEO-optimised content for clients in various sectors, including legal, construction, retail and beauty.