If you are looking for a city to invest in 2023 or beyond, then at the top – or near the top – of your list must be Sunderland. Sunderland, a city that has been overlooked and in the case of its property, often undervalued due to its industrial background, is undergoing a remarkable transformation thanks to significant public and private investments. The city centre area is undergoing a £1.5 billion makeover making it soon to be one of the most appealing places to live in the northeast.
The revitalised city centre has opened lots of new job opportunities, which has made Sunderland a more appealing place to settle in as often a lack of local jobs was the biggest hurdle it faced in the past to attract outside investment. Add to this the presence of the University of Sunderland, with its large student population and the city is up-and-coming for property investors.
Let’s take a closer look from the viewpoint of investors and see whether or not investing in Sunderland is as good a choice as it sounds, and if it is, why you should use cash house buying services like We Buy Any Home to sell house fast and get in on the action!
Is Sunderland a good place to buy property?
Sunderland is becoming a favoured destination for property investors who are always on the lookout for the next ‘up and coming’ area to invest in before anyone else cottons on.
With an abundance of new residential properties, workspaces, and employment opportunities on the horizon, the city’s appeal is further enhanced by the emergence of attractive amenities and tourist attractions, making it a prime location for those looking to invest in property.
Investment & Development
As mentioned above, Sunderland is experiencing a remarkable renewal and resurgence thanks to over £1.5 billion in private and public investments that will transform the city by 2024. Public-private partnerships are driving the borough’s evolution into an attractive hub, providing new living spaces and endless opportunities for businesses in the leisure, retail, and hospitality sectors.
Investment in business and development has been a top priority for Sunderland lately. The city’s digital economy is thriving, with the Sunderland Software City project leading the way, backed by £1.4 million from the European Regional Development Fund.
In addition to this, investor Legal & General has invested a whopping £160 million in new Grade A office space on the Riverside Sunderland.
Sunderland is making waves as a Smart City too, having been awarded the title of Smart City of the year 2020 and consequently is attracting international businesses from all over the world, making it a key player in the innovative sector. With over 5,500 businesses calling Sunderland home, including 80 international corporations, the city employs more than 100,000 people.
Large Rental Market
Of its 277,700 residents, the vast majority are of working age, with a median pay of £27,394. This demographic provides a fertile ground for buy-to-let investors, with both working professionals and families looking for rental properties to base themselves for work purposes.
Sunderland also has a thriving student community, with the University of Sunderland alone catering to 14,700 students. In total, 106,000 students attend the region’s five universities, two of which are part of the prestigious Russell Group. Investing in buy-to-let student accommodation is a lucrative proposition in Sunderland, as this rental market is one of the most profitable in the property sector. As a university town, the demand for student housing is always high, ensuring a steady stream of rental income.
Property Prices & Outlook
Between 2022-23, properties in the area had an average price of £164,975, with semi-detached properties accounting for the majority of sales, selling for an average price of £169,537. The good news is that sold prices in Sunderland have increased by 2% over the last year and a big 9% since the 2020 peak of £151,922. This upward trend indicates the potential for a great return on investment for savvy property investors, even with an expected drop in house prices in 2023.
What to do in Sunderland
There is plenty to keep you or tenants entertained in Sunderland. Highlights include:
Sunderland Museum and Winter Gardens
Learn about the city’s history at this fascinating museum, which includes a collection of Sunderland Lustreware ceramics from the 19th century and the nearby Winter Gardens which is home to 2,000 plant species and a treetop walkway offering stunning views of Mowbray Park.
National Glass Centre
Discover Sunderland’s rich glassmaking history at this museum, which features daily glassblowing demonstrations and exhibitions by top glass and ceramics artists.
Roker and Seaburn Beaches
Enjoy a day of sun, sand, and sea at these two Blue Flag beaches, commended for their environmental standards and facilities.
Roker Park
Take a stroll through this beautiful seafront park, which dates back to the Victorian era. Highlights include a sandstone and granite memorial fountain, an iron bandstand with a copper roof, and a miniature railway for children.
The Best Areas in Sunderland to Buy Property
Looking for a great value property in Sunderland? You might be surprised to learn that one of the most inexpensive neighbourhoods in the city is located in the city centre within the SR1 postal code, which covers Hendon, the East End, and the city centre itself. With an average property price of just £96,647, this area offers affordable city centre living that’s hard to beat.
Elsewhere, great areas to invest in include:
Carley Hill
Another affordable area to consider is the SR5 district, with an average home price of £159,991. Carley Hill is part of this region as is the village of Castletown, which has a population of 3,000 and is undergoing significant development.
Barnes
For those seeking a low-cost property in the city centre, Barnes is an excellent choice. This SR4 neighbourhood is located just a mile from the city centre and is home to Barnes Park, the city’s largest green space. The average house price in this area is £140,591, making it an affordable option for those seeking city-centre living.
The Seafront
Sunderland’s seafront is undergoing significant regeneration and development, making it an attractive area for property investment. The former Vaux brewery site is being transformed into a mixed-use development with residential, commercial, and leisure facilities.
Riverside Quarter
Located on the south bank of the River Wear, the Riverside Quarter is home to the Stadium of Light, the city’s largest sports stadium, as well as numerous bars, restaurants, and cafes.
University District
Sunderland is home to two universities, and the surrounding areas are popular with students, offering affordable accommodation and amenities. With the growing demand for student housing, the university district is expected to become an increasingly attractive area for long-term property investment.
As you can see, Sunderland presents perhaps the best opportunity for investors in the UK currently. Lots of people are beginning to invest in the local housing market so now is the time to act. Sell house fast with We Buy Any Home and we could have the money in your account in as little as 7 days, allowing you to invest in Sunderland quicker than the competition.
