THE property market in Darlington and Stockton appears to be steady as we come the end of summer, which may come as a surprise for some, particularly in light of the financial uncertainty we’ve experienced over the past 12 months.
Since last summer, both the Brexit vote and the General Election have impacted the economy, and such events would normally have a detrimental effect on people’s ability to buy and sell houses. However, in the North-East, this doesn’t appear to have been the case, and the property market remains largely unaffected by current political events.
We surveyed a number of the region’s leading estate agents and found the response to the current market to be positive, due to a healthy turnover of purchases and new properties becoming available.
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The figures show a similar picture to last year, and suggest that the market is in a stable position.
The majority of the agents we spoke to reported properties selling within about six weeks, with a similar number of new houses coming onto the market within the same timeframe. This could be attributed to the fact that house prices are still lower in the North-East than any other region in the UK, and are therefore more desirable for those looking for an affordable property.
Recent investments in the area, such as Darlington’s Feethams complex and Stockton’s High Street renovation, have also made the area a more desirable target, particularly for those buying to rent. The areas now have facilities that are drawing both visitors and new residents to the region, and more people are considering buying or renting in the area, rather than going straight to the traditional hubs of activity such as Durham, Newcastle and Sunderland.
According to figures on Rightmove, more than 1,000 homes in Darlington and more than 880 in Stockton have been sold during the past year. The average house prices were £131,530 in Stockton and £142,554 in Darlington, which compared favourably both with neighbouring areas, and in comparison to previous years.
It appears that house prices in the region are creeping up gradually, which gives a positive outlook for the future – particularly for sellers.
Since 2016, the average house price in Darlington has gone up by about 1.6 per cent*. In the past three months house prices have also increased by 0.4 per cent in Stockton and Thornaby, 0.8 per cent in Middlesbrough and 1.2 per cent in Yarm. This provides a glimmer of hope for those who currently have properties on the market, or those thinking of selling in the near future.
Unsurprisingly, properties in Yarm and Middleton St George are achieving some of the highest selling prices in the area, with properties going for between £200,000 and £300,000 on average.
Properties in Darlington and Stockton average around £150,000, while houses in Thornaby sell for an average of approximately £108,000.
It’s a very positive outlook for the property market, and despite the summer slump there appears to be little stagnation, prices are very gradually rising and new properties are being listed all the time.
* Research conducted by Zoopla – percentages to one decimal place.
Please note: This article is intended as guidance only and does not constitute advice, financial or otherwise. No responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by Latimer Hinks.