Thanks to rising interest rates, the property market across the UK is a complicated picture, with some areas seeing continued growth, and others seeing dips in property prices for the first time in over a decade. For homeowners, a fall in property prices can bring both positives and negatives. On the positive side, if you are planning on moving you could afford a property that was previously out of your budget. On the negative side, of course, if prices are falling then you are likely to get less for your home, making buying somewhere more expensive a little harder.
For investors, it is all about getting the most bang for your buck, so owning property in a desirable area or one where there is high demand is a big plus, even if prices fall slightly.
But what is going on in Sunderland? How quickly does property sell in the city, is it a good place to invest and what are prices doing at the moment in the Sunderland property market? Let’s take a look.
Is Sunderland a good place to invest in property?
Sunderland has evolved from its shipbuilding past to become a hot spot for anyone looking to invest in the northeast. Today, it is home to a car manufacturing plant and thanks to great transport links, is a magnet for young professionals and families looking for an affordable place to invest and settle down.
Beyond its industrial prowess, the city is gaining a reputation as a cultural hive with an array of museums, theatres, and more.
If you’re a buy-to-let investor scanning for the next big opportunity in 2023/24, you’ll want to turn your sights toward this vibrant city. It’s a haven for a diverse tenant pool, whether it’s students flocking to the University of Sunderland—which boasts around 20,000 students and a brand-new medical school—or workers lured by the increasing job prospects.
In fact, for buy-to-let investors, Sunderland is one of the most attractive places to invest in the whole country currently. At We Buy Any Home, as cash house buyers we are keen to speak to anyone looking to sell in the city as we have a network of potential buyers just waiting to invest.
Where is the fastest-selling property area in the UK?
Despite a general slowdown in the UK property market due to rising inflation and mortgage rates, some areas are defying the trend with quicker home sales. According to Rightmove, while most regions now take an average of 66 days to sell a property, up from last year’s 42 days, ten specific areas are bucking the trend. Notably, Jesmond in Newcastle Upon Tyne leads the pack with homes selling in just 33 days—almost half the time it took in 2022.
Sunderland in comparison takes 154 days to sell a detached home, up 23% in a year from 125 days. Semi-detached homes show a more significant increase, taking 117 days, a 44% rise from 81 days. Terraced homes also saw a minor increase, taking 155 days, up 5% from 148 days.
These figures show why so many people are turning to We Buy Any Home. We can make you an offer and sell your home in as little as 7-10 days, saving you valuable time and money in the long run.
Are house prices rising in Sunderland?
Now could be the time to act if you are looking to buy or sell a property in Sunderland. The average price of properties in Sunderland is £138,000 as of August 2023. This represents a fall of 2% over the last 12 months. So now is the time to invest before prices rise, or if you are looking to sell, doing so now is recommended in case prices drop further.
What are the hardest months to sell a house?
Selecting the optimal moment to list your home is tricky, especially if you’re aiming to maximize your profit. Traditionally late spring and early summer are the best times for selling a house in the UK. In particular, homes sold in May tend to command a seller premium of 12.6% above the market value.
While May stands out, other favourable months for selling include April, June, and July. In terms of the worst month, it is unsurprisingly December, when we are at our busiest – and poorest! – thanks to the festive period.
Are house prices going up in the North East of England?
Data shows that house prices are behaving differently in the North and the South of England. In the South, house prices have dropped by up to 1% over the past year. This is partly because homes are generally more expensive there, so higher mortgage rates make it harder for people to buy. This lack of buyers is causing house prices to fall.
In contrast, house prices in areas outside the South are slowly rising, mostly because the homes are less expensive on average. For example, Scotland has seen a 1.7% increase in house prices, while the North West experienced a 1.2% rise.
Focusing on the North East, the region overall has seen a modest increase in house prices of 0.6%. This is lower than some other regions but still represents growth.
Should I buy a house now or wait until 2024 UK?
The question of whether to buy a house now or wait until 2024 is the million-dollar question!
Looking at the Sunderland property market, prices have dipped slightly, which compared to year-on-year gains over the past decade means that you could get a bargain if you move now.
If your goal is to sell, now might be a favourable time to do so, particularly if you anticipate that property prices could decline further due to rising interest rates and a potential slowdown in demand.
For sellers aiming to speed up the process, using a cash house buyer like We Buy Any Home can be an advantageous option. This allows you to sell your property in as little as 7-10 days, regardless of its condition, giving you quick access to cash and the freedom to move on with your next move.
If you’re contemplating selling your property, especially in Sunderland, experts at We Buy Any Home can provide tailored assistance. As specialists in the Sunderland property market, they can help you navigate the intricacies of selling your home. So, whether you decide to buy or sell now or in 2024, consider consulting with We Buy Any Home for expert guidance on making the right move.
