Where to buy in the North East?

 

People are always asking me which is the best place to buy and whereas it is lovely to be looked on as a specialist, that does bring with itself a certain degree of responsibility as well as common sense. The list of questions to ask at this stage are phenomenal, but just so you get a flavour;

Are you buying to live in, or to rent out?  Where do you work?  And if applicable, where does your partner work and where do your children go to school?  As you can see, the list is endless and to answer all of your questions, this article would be bigger than the full set of Encyclopaedia Britannica.  However I have some basic details that might just give you some clues as to which would suit your needs best.

For the purpose of this exercise, I am comparing specific post codes Newcastle (NE1) with Durham (DH1) and the statistical information for this article was gathered in February 2016.  I am also in addition, looking at some of the statistics that the government uses to give you a flavour of the area also. So the latest information on employment shows that the highest area of employment was the South East Region (77.9%) with the lowest being Northern Ireland with 68.8% however the unemployment for the same period shows the highest area of unemployment  was this area (north East) with 7.9% and the lowest again was the South East with 3.7%.  However the general pattern for all regions is flat of gently decreasing, which is at least comforting as it is now going in the right direction.

In DH1, the average price over the last 12 months was £211,368 and the current average value of all property types (flat, apartment, terraced, semi and detached etc.) is £212,497 and there have been 528 sales in the past 12 months. The average salary across this post code is £28,499 and dividing the average current value by the average salary this shows a ratio of average price versus average Salary 7.46 times salary

IN NE1 (which is a smaller area), there have only been 93 sales in the same period with an average value of £151,689 although the current average value across the same range in February 2016 is £163,450 which shows that prices are rising slightly quicker here currently although the average values are less than Durham’s.  The average salary is very slightly higher at £29,138 with a ratio of 5.61 times salary.

It may help you to use these ratios when making your own mind up using your salary and the prices of the houses you are looking at.  Good Luck!

If you would like to discuss investing in the Durham property market or require any advice, help or assistance with the lettings, or management of your existing rental property or portfolio, please feel free to call me at my Durham Office on 0191 212 6970 or e-mail me on john@acornproperties.co.uk

 

 

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