If you’re seeking a city to invest in, Sunderland should be at the top of your list for 2023 and beyond. Despite being overlooked in the past due to its industrial background and perceived lack of jobs, Sunderland is undergoing a remarkable transformation thanks to significant public and private investments.
This revitalization has brought forth numerous job opportunities, making Sunderland an attractive destination for those seeking to settle down and seek new opportunities. With the emergence of new job prospects and the presence of the University of Sunderland bringing in fresh faces and demand for rental properties, the city is on the rise as a promising location for people looking to invest in property.
Is Sunderland a Good Place to Buy Property?
Sunderland has become a favoured destination for property investors and homeowners alike. With a plethora of new residential properties, workspaces, and employment opportunities on the horizon, the city’s appeal is further bolstered by the emergence of attractive amenities and tourist attractions. This combination positions Sunderland as a prime location for those looking to make property investments.
As Sunderland continues its remarkable transformation, investing in its property market offers exciting prospects and the potential for significant returns. By seizing the opportunities presented by this evolving city, investors can tap into the growing demand and capitalize on Sunderland’s bright future.
Average House Prices in the UK
House prices in the United Kingdom experienced a decline after reaching a peak in July 2022. The average price for a home in the UK currently sits at £286,500 as of July 2023.
Remember when looking at the UK wide picture that factors can influence house prices. Mortgage rates (currently sitting at 6% for a two-year fixed rate deal on average) have a big influence – if people can’t afford the repayments then they cannot get a mortgage deal, no matter if they’ve saved enough for a deposit. Less demand will mean a fall in prices, something we are already starting to see.
This is in stark contrast to homebuyers who purchased properties at the peak of the housing boom in July 2022, who would have paid approximately 14% more compared to the previous year. Economic pressures will put additional strain on prospective homebuyers’ purse strings and could get worse as we get further into 2023. So if you can afford to invest, now may be the best time to get moving as prices may come down for the first time in over a decade.
Sunderland Property Prices
In Sunderland, the property picture is encouraging. The average price of properties over the last year was £170,473 with the majority of sales being semi-detached properties, selling at an average price of £171,825. Terraced properties had an average sale price of £129,681, while detached properties fetched £352,725.
The sold prices in Sunderland over the past year experienced a 3% increase compared to the previous year and an 11% rise from the 2020 peak of £153,705. This indicates a positive trend in property prices within the Sunderland market.
Despite the overall expected decline in house prices in the UK, Sunderland has shown resilience and positive growth in its property market. As local Sunderland cash house buyers, We Buy Any Home predicts that the average property prices in Sunderland remain more affordable compared to the UK average, making it an attractive option for buyers.
With a variety of property types available and the steady increase in sold prices, Sunderland presents potential opportunities for buyers and investors alike. If more homes are built you may want to consider investing in these and maybe renting them out to students, or you could invest in an older property in need of renovation to save on new build premiums.
What is the average house price in the North East of England?
When it comes to property sales in the North East of England, terraced properties have been selling for an average price of £147,061 over the past year. Semi-detached properties followed closely with an average sale price of £183,932, while detached properties commanded a higher average price of £340,389.
The North East region, with an overall average price of £193,059, offers more affordable options compared to nearby areas. For instance in Yorkshire and the Humber, the average price sits at £237,276, and further south in the East Midlands at £267,071. Among the counties within the North East, Northumberland emerged as the priciest area with an average price of £248,639, while County Durham stood as the least expensive at £167,882.
In terms of market trends, the sold prices in the North East experienced a 4% increase compared to the previous year and a 7% rise from the average house price of £179,710 in 2020. These figures indicate a positive growth trajectory in the region’s property market.
If you’re considering investing in property, Sunderland should be high on your list of potential locations. With its ongoing transformation and significant investments, Sunderland is attracting attention and offering exciting opportunities for both investors and homeowners.
To make the most of the opportunities in Sunderland it’s crucial to stay informed, as interest rates, inflation and other factors are changing monthly. Consider working with a reputable cash house buyer service like We Buy Any Home, as we can provide a hassle-free experience allowing you to sell your property in as little as 7 days and capitalize on Sunderland’s promising future and possibly lowering house prices. Invest wisely and seize the potential returns that Sunderland has to offer.
