It is understandable people have perceptions about parts of the country, especially when they haven’t been in person. However, if your perceptions are wrong, it is important you can realise the error of your ways, and see new opportunities.
With the housing market posing fresh challenges every month, it is understandable buyers, and property investors, are looking in new areas. People who have previously focused on the capital and the South East of England are now looking for further afield.
There is no denying the North East provides greater value for money than the South of England, but you can also find expensive homes here. If you are looking for top of the line housing, the North East might pleasantly surprise you.
Darlington has a lot to offer
One part of the North East which might surprise a few people with respect to the variety of housing is Darlington. At Anthony Jones, we know the great range of properties on offer in Darlington, and we weren’t surprised to learn four homes in Darlington sold for more than £1m in the past year.
One property, located on Carmel Road South, was sold for more than £2m.
Property Solvers co-founder Ruban Selvanayagam said: “Although there remains a fairly healthy volume of sales in this price bracket, such a pronounced drop would suggest that buyer appetite for these types of homes is decreasing. £1 million+ properties - even for the wealthy and overseas investors - are major commitment and indeed affected by the wider economy. With unabated inflationary pressures and rising interest rates as a result, not to mention an expected drop in foreign investment in Central London in particular, it would not be too much of a surprise to see a continued cooling off across the high-end property market in the coming year at least.”
It is also fair to say that Darlington isn’t the only area of the North East where prices like this are common.
Many parts of the North East have a lot to offer
A recent study by an auctioneer and homebuying organisation shows 57 properties which sold for more than £1m in the North East, between September 2021 and 2022. This equates to more than £1m plus sale per week in the past year. Based on HM Land Registry sold prices, the total value of these properties amounts to more than £90m.
The most expensive property sold in this time was sold for £4,750,000. Adderstone Crescent in Jesmond was the home for this sale. There were five properties in Durham, which sold for more than £1m.
Contact Anthony Jones for all Darlington property matters
If you are looking for help with any matter of the Darlington property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.
