Are Properties in the North East good value for money?

With house prices across the region always rising, are they still good value for money in comparison to other parts of the UK?

Transcript

00:00The housing market here in the North East is experiencing notable growth and development.

00:05In 2024, house prices in the region increased by nearly 6%. Forecasts suggest that a positive

00:12trend will continue with some sources even predicting a 5% increase this year.

00:18While this is great for anyone looking to sell a home, this will of course put more

00:21pressure on those looking to buy and can also make rent more expensive if a property's

00:26value is worth more.

00:28The North East, however, in comparison to the rest of England, is still the cheapest

00:31region to buy property, with Hartlepool and County Durham being noted as two of the cheapest

00:36places to buy property in England.

00:39The North East is attractive to first-time buyers and investors because of its lower

00:43cost of living, ongoing regeneration projects and high rental yields.

00:47However, do you think the North East is still good value for money when it comes to your

00:51mortgage or rental costs? I spoke with locals in Durham to find out.

00:57Well, the houses are certainly cheaper here compared to the South East.

01:03I mean, maybe I'm jibbering. I do think what Durham needs to do, because sadly, obviously,

01:13the old industry, the mines, the bits are gone. And that's had, I guess, a severe effect

01:21on some of the outlying little villages and towns around Durham. But I think it needs

01:27to embrace the fact it's a university town. I mean, I'm sure it does, but I think it really

01:33needs to promote that. And it really needs to think about what that means in terms of

01:38where you build.

01:40The North East is better than much of the country, but it is getting worse. It's nowhere

01:44near as bad as London, obviously, but it is worsening and the situation does need to be

01:50as a matter of urgency.

01:52Yeah, it swings and roundabouts. So yes, housing is cheaper here, but other things are considerably

01:58more expensive. You know, because I was really shocked when I heard about the standing charge

02:03being the highest in Britain.

02:07We asked locals what they think the average cost for a one-bedroom apartment in London

02:11might be.

02:12Oh, I genuinely shudder to think.

02:15Per month rent.

02:16Per month rent? Oh, into the thousands of pounds, I would have thought.

02:19God. So depending, it could vary between probably £16,000 to £2,000 a month.

02:29To compare London prices to North East prices, for a one-bedroom apartment, you could be

02:33looking at paying between £1,600 to £2,100 per calendar month.

02:40Yes, that doesn't surprise me in the least. And it's outrageous.

02:43That was spot on. So yeah, £1,600 and £2,100.

02:47Well, my daughter lived in London and when she left, they were paying £1,700 a month.

02:56And they were way out in North London.