House prices have been going up at an alarming rate for several years now, but since 2016 and Brexit they are beginning to flat line slightly in the major hotspots such as London. Instead, it seems the North East has taken on the spotlight as one of Britain’s best place for investment.
According to Chronicle Live, research showed that investment volumes in the region had grown by 32%, the largest percentage increase over the whole of the UK, with investors said to have bought into over £1bn worth of commercial property in the last year.
It’s not entirely clear why investors have suddenly gone mad for the North East, although The Guardian have previously described it as among the best places in the UK to live to be happy. Due to the combination of affordable living, plenty of countryside and a good dose of fresh air, residents in the North East region are some of the happiest in the UK.
The largest growth is reportedly in Tyneside, North Shields, where house prices were recorded as 9.6% higher in December 2016 than they were the previous year – that’s a jump of around £16,410 for the average house. Despite these sharp rises, the North East is still an affordable place to live, which could be why more people are making the move out of the city. They want more life satisfaction.
Although North Shields may not be the first place that pops into your mind when you think of investment opportunities, the statistics are proving otherwise. As a property developer, it’s time to join the party in the North East and get involved.
If you’re interested, visit the Invest in the North East of England (INEE) website where they are offering strategic solutions to helping businesses look for development land and opportunities in the North East. There is an interactive map on the website that allows you to search for opportunities by location, type and size. Then you will be given information on what this area has to offer your business including the local transport links, schools and Enterprise Zones.
For other investment opportunities and to get in the know about property hot spots early, there are plenty of property investors who would be willing to have a sit down and a chat. Someone like Jason Harris, First Urban group’s director, has been in the industry since 1986 so has a broad spectrum of knowledge when it comes to the property investment world.