Newspaper article The Journal (Newcastle, England)

Why House Buyers of Future May Be Heading to North East

Newspaper article The Journal (Newcastle, England)

Why House Buyers of Future May Be Heading to North East

Article excerpt

Byline: Anne Southby

HOUSE buyers of the future will bag the best bargain if they head to the North East, according to recent research. The region was picked out as the most affordable in the country for future property prices in analysis by estate agent emoov.

If current trends continue, the estate agent believes our region will be the cheapest in 2027 and 2037.

Researchers said the average price of houses in the North East will actually fall by 2027 from PS126,989 to PS121,699.

But they are due to bounce back in 2037, with the average cost of a house reaching PS380,735.

"The property market in the North East has seen values drop over the last 10 years," emoov said of its 10-year forecast.

"Therefore, if this pattern were to continue, the North East could actually decrease in value over the next decade to PS121,699 from PS126,989."

On the 20-year forecast, the firm said: "If prices were again to stabilise over the coming 20 years, homeowners would see prices once again on the up, although at just PS380,753.

"It is by far the most affordable area of England and Wales for future homeowners."

The research assumed costs will continue to rise across the country as a whole.

It is news that has been broadly welcomed by North East property experts.

"Most of the UK's first time buyers must look at house prices in the North East and wished they lived here," said Chris Stonock, of Your Move Chris Stonock.

"There is no question that house prices in the North East are among the lowest in the UK and, therefore, the most affordable.

"This in turn allows first-time buyers to get on to the housing ladder which is beyond many in London and the South East.

"The importance of this should not be underestimated.

"Survey after survey tells us that one of the principle frustrations of young people today is that owning their own home is more of a dream than a reality. That can't be said for the North East.

"Whether house prices will remain low relative to the rest of the UK will invariably be linked to the strength of the local economy.

"A booming economy usually translates itself into rising house prices. …

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