There is little doubt that parts of our region are experiencing something of a boom in property prices, even if those surges are confined to so-called property hotspots. The latest data shows that while North East house prices are still flagging, those looking for a property investment in an up-and-coming area are choosing to seize the moment.
Hartlepool for example has become something of a property hotspot, experiencing a 5.7% average rise, the biggest in the country, according to new figures from the Land Registry. Within the next few years there are many opportunities for the region to see property growth as a result of inward investment and development.
The logical place to start is the movement of Hitachi Rail Europe into Newton Aycliffe. Over 700 people will be employed at the Amazon Park site when it begins to build trains for the Intercity Express Programme (IEP) in 2015. The development will also create another 200 jobs in the local supply chain.
Tallent Automotive has also invested in Newton Aycliffe, building a new £8m factory and adding 100 new employees to its existing 1800 in the town. DurhamGate, near Spennymoor in County Durham, is a mixed use development that will incorporate 100,000s of sq ft of office space, shops and leisure facilities alongside over 350 new build homes. The development is aimed at striking the perfect work/life balance, and with both Taylor Wimpey and Yuill Homes as well as national businesses on board with the project it would appear that it is likely to succeed in attracting potential investors.
House prices generally reached a two-year high last month, with England and Wales seeing a 1.1% boost compared to the same period in 2011. Land Registry figures show that London and the South East had the biggest marked growth, with price rises of 5.5% and 2.3% respectively. However, the North East slumped with a drop of 3.2%, bringing the average house price in the region down to £99,163.
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. In addition, 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 the firm.