Why North East House Prices Are a Buyer’s Bargain

It’s no secret that average house prices up north are amongst one of the cheapest for first time buyers compared to the rest of the UK according to statistics released by Halifax1. In this blog, we will check out some of the cheapest house prices sold in the North East and what mortgage options are on offer at Newcastle Building Society.

The Cheapest House Prices in the North East

Statistics released by Halifax shows that the average house price in the North is £125,591 compare to Greater London standing at £409,795 and South East with £276,773.1

This makes the North extremely attractive for first time buyers. A property was recently sold in Bishop Auckland for £17,0002 and another property was sold for £18,750 at Close House near Bishop Auckland in July 2017.3

It’s not every day that you will come across these prices but you will probably find more of these gems up North rather than down South.

Even though the average house prices are forecast to rise to around 17% within the next 5 years in the North East according to Savills Residential Research4, some might see this as a great opportunity to get on the property ladder as the North East house prices are still amongst some of the cheapest in the country, making this extremely attractive for buyers looking for a bargain.

Find Mortgages for Every Type of Buyer at the Newcastle Building Society

At Newcastle Building Society, we are proud to be able to help and support people from all walks of life. Everyone has different needs when it comes to purchasing your first home, which is why we adopt a human approach to lending rather than a standardised approach.

If you’re self-employed, finding a mortgage might be difficult as lenders require up to three years of trading accounts to get a mortgage. We can consider one full year of trading account information for those who have been trading under two years.

Simply call into one of our branches, call us on 0345 606 4488 or book an appointment online.

 

Found your perfect first home in the North East and need an Exclusive North East mortgage to match it? Visit us today or book an appointment now. We hope you found this blog interesting and useful. For more advice on making the first step onto the property ladder, check out our First Time Buyer guide.

Your mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

1https://static.halifax.co.uk/assets/pdf/mortgages/pdf/170701-Halifax-first-time-buyer-review_July2017.pdf

2http://www.chroniclelive.co.uk/lifestyle/property/north-easts-top-ten-cheapest-8709189

3http://www.chroniclelive.co.uk/news/property-news/north-east-least-expensive-houses-12588737

4http://www.savills.co.uk/blog/article/224467/residential-property/interactive-map-uncertainty-and-mortgage-constraints-to-slow-five-year-house-price-growth.aspx