Sunderland, located in the northeast of England, is a famous city with a small-town feel and plenty of attractions. With a stunning seafront location and easy access to the River Wear, it’s an excellent choice for those who love living close to nature. If you’re considering buying a house in Sunderland, this guide will help you discover some of the most affordable areas in the city.
The ‘best’ areas to invest in
Sunderland has for quite a few years now been known as a highly affordable city to buy property in. Waterloo Walk in Sunderland is the cheapest street in the UK to buy a house! Plus, many of its neighbouring streets offer plenty of cheap properties too, so it is an investors’ dream – of the twenty cheapest houses sold in Sunderland, the lowest sold for just £8,200, while the average price on Waterloo Walk was just £16,500!
There are also plenty of opportunities elsewhere in the city for investors looking to buy cheap properties so why not take advantage of local cash house buyers and reinvest in this fantastic city. .
It may surprise you that one of the most inexpensive neighbourhoods to purchase a property in Sunderland is in the city centre, within the SR1 postal code. This postal code encompasses the city centre, Hendon, and the East End. Average property prices here are only £96,647, which is still a 9.11% increase compared to five years ago. So, if you are looking for a city-centre apartment or house that is affordable, Sunderland city centre is a great shout.
The SR5 district is another reasonably priced region to buy a house in Sunderland, with average home prices at £159,991. Carley Hill, which is close to the Fulwell Quarry Nature Reserve, and Castletown, a village with a population of 3,000 that is experiencing a transformation with many new housing estates in the area, are both included in this area.
The SR4 area is another economical area of Sunderland to purchase a property, with an average house price of £140,591. If you’re seeking city-centre living, Barnes is an excellent option, as it’s only a mile from the city centre and includes Barnes Park, the city’s most extensive green space. Grindon, another popular residential area with an SR4 postcode, is just three miles from the city.
Emerging Areas in Sunderland
Why not consider targeting areas in Sunderland that have the potential for development if you’re seeking a long-term investment opportunity. Many investors are searching for areas that are currently inexpensive but will increase in value as development occurs, and many Sunderland areas are prime candidates.
Sunderland’s seafront is undergoing significant regeneration and development, making it an attractive area for property investment. The former Vaux brewery site is being transformed into a mixed-use development featuring residential, commercial, and leisure facilities. With some of the city’s best beaches and parks, the seafront is also a popular destination for tourists and residents.
Located on the south bank of the River Wear, the Riverside Quarter is home to the city’s largest sports and entertainment venue, the Stadium of Light, as well as numerous bars, restaurants, and cafes. With plans in place for new residential developments, public spaces, and transport links, the Riverside Quarter is an area of significant regeneration and growth.
Sunderland Enterprise Park
The Sunderland Enterprise Park is an excellent location for long-term property investment, with plans to expand the park to accommodate more businesses and create additional job opportunities. Located on the outskirts of the city, the enterprise park is currently home to several businesses and is a hub for innovation and technology.
Sunderland is home to two universities, and the surrounding areas are popular with students, offering affordable accommodation and amenities. With the growing demand for student housing, the university district is expected to become an increasingly attractive area for long-term property investment.
Why you should invest in Sunderland in 2023
In 2023, Sunderland is considered one of the top places to invest in property for landlords for many reasons:
Growing Job Market
As the world’s largest shipbuilding centre and the UK’s largest car manufacturing base, Sunderland has a rich history and a growing job market. This makes it an attractive destination for workers and families, as well as investors seeking long-term opportunities.
Prime Location for Student Rentals
The area around the University of Sunderland, with an estimated 200,000 students, is a prime location for student rentals. Investors can take advantage of the growing demand for student housing in the city so using cash house buyers to get quick cash to invest here is a good option.
Investment in Arts and Culture
Sunderland has invested heavily in arts and culture, making it a hub for music and theatre. With various venues across the city and festivals throughout the year, it has become an attractive destination for visitors and residents alike.
Lively Food and Drink Scene
Sunderland offers a lively food and drink scene, with plenty of options to suit all tastes and budgets. The city boasts a thriving independent coffee scene, and there is an up-and-coming independent shopping scene in the Park Lane Shopping Village.
Quality Education and Excellent Transport Links
Sunderland has top-performing primary and secondary schools, as well as a university with two campuses. The city is well-connected, with good transport links, including the Tyne and Wear Metro and direct trains to London.
As we can see, Sunderland offers a variety of affordable neighbourhoods to purchase a property, making it an excellent choice for first-time homebuyers or investors looking for a long-term investment. With the city’s expanding job market, excellent transport links, and investments in arts and culture, it is a city that is poised for growth and development in the coming years.