North East England House Prices Up by Up to 20%
Bill Kimmitt, whose firm Kimmitt and Roberts has offices in Seaham, Houghton and Peterlee an established estate agent in the area recently was quoted in the Sunderland Echo newspaper regarding property prices in the NE of England. Kimmitt stated that price have increased up to 20%.
Quoting Bill Kimmitt
“The market has ratcheted up and got progressively better. We peaked in April in terms of the number of sales agreed but May was still busy and June has been busy too.”
The land registry’s index of price movements up to April 2021 shows that average prices in Sunderland have risen by 10 per cent, while in County Durham, the figure is 19.1 per cent.
“And it is the same across the North East- the biggest increase in the region is Hartlepool, with 20.1 per cent.”
While the entire region has seen an increase in property value, the rise has not been uniform, with prices at the bottom of the end rising more steeply in percentage terms and sparking a new wave of interest for investors outside the region looking to buy to rent.
We have been buying in the NE of England since 2019 as we felt there would be price appreciation. In 2014 we did not know what we did not know when we were buying in Salford Manchester. Prices virtually doubled from 2014 to today. We believe the same in the NE of England. We add to the fact we are doing social housing on long Home office backed contracts with no voids, no management and virtually no maintenance we can focus on finding, refurbishing and tenanting for these long term govt backed social housing schemes.
As Bill Kimmit has stated…
We have been selling some of these social housing properties to Hong Kong investors seeking high yields.