Investing is easy, right? You find somewhere with super low house prices, buy a property, rent it out, pay off the mortgage with the rent and then sell it for three times the purchase price, netting you thousands.
Oh, if only it was this easy!
Investing is getting harder and harder, not least because over the past few decades or so house prices have skyrocketed. It is simply no longer possible to find a home that does not cost an arm and a leg – or is it?
If you are an investor looking for the cheapest place in the UK to buy property, either to live in, rent or resell, Sunderland should be at the top of your list.
Why? Because it is home to the cheapest postcode in the whole of the UK!
What is the cheapest postcode to live in the UK?
With an average price of £140k, Sunderland is the cheapest postcode area out of all 105 England and Wales’s postcode areas, a full £14k less than the second cheapest, in nearby Durham. At the opposite end of the scale, the ‘W’ postcode in London sees average prices of £1.2m, highlighting the disparity at play between the most expensive and cheapest postcodes in the country. The old north and south divide is alive and well it seems still despite efforts – or promises – to level up the country in recent years.
Where is the cheapest place to live in Sunderland?
In the SR1 postcode of Sunderland specifically, homes are typically priced at £65,478. This area includes the central city area, Hendon, and the East End, meaning city-centre living is one of the most cost-effective options, putting it in total contrast to most other cities. The mean property value in this area stands at a modest £96,647, even though it’s witnessed a growth of 9.11% from five years prior. So, for those eyeing an economical city-centre residence, be it an apartment or a house, Sunderland’s city centre is an excellent choice.
Analysing property price ranges in the area, nearly half of the properties (47.5%) are priced between under £50k and £100k. When contrasting the average cost of homes, a newly constructed property in Sunderland costs £243k, whereas an established one is valued at £139k. Specific property types, like flats and terraced houses, average less than £100k. so if you are looking for a bargain, stay clear of new builds tend to be the message, and look for a fixer-up property instead.
What is the cheapest street in Sunderland?
For several years, Sunderland has earned a reputation as a cost-effective city for property purchases. In fact, Waterloo Walk in Sunderland ranks as the UK’s most affordable street for homebuyers! Moreover, many streets in its vicinity also feature attractively priced homes, making it a gold mine for investors. Among the twenty most budget-friendly homes sold in Sunderland, the most affordable went for a mere £8,200, with the average price on Waterloo Walk standing at £16,500.
The city also boasts numerous other investment opportunities for those seeking value-for-money properties, with many of the current owners looking to sell house fast and cash in. It’s a great time to engage with local cash house buyers and delve into the promising property landscape of Sunderland.
Is Sunderland a good place to buy property?
In short, yes. Everything we have seen suggests Sunderland is that hidden property gem everyone tries to find first.
But why is it so appealing?
Plenty of Attractions
If you’re looking to uncover a city brimming with stories and beauty, Sunderland won’t disappoint. Dive into tales from the past at the Sunderland Museum and Winter Gardens or take a calming stroll along Roker Park. For those who appreciate architectural wonders, St. Peter’s Church, nestled in the city centre, offers a mesmerizing peek into the 7th century.
Affordable Homes
As already mentioned, Sunderland is gaining a reputation as the dream spot for first-time homeowners. This combination of charm, attractions and affordability is making both newbie homeowners and savvy investors sit up and take notice, so it is worth exploring the cheapest areas of Sunderland to find great bargains.
Investment
Sunderland is buzzing in every sense of the word! By 2024, £1.5 billion will have been splashed out to spice up the city’s spaces – homes, fun zones, shops, and places to grab a bite. But that’s not all. The tech scene is also on the rise. Boosted by a £1.4 million grant, Sunderland’s becoming the tech playground of the region. And with over 5,500 companies setting up shop here since it bagged the 2020 Smart City of the Year title, it’s clear that Sunderland’s star is on the rise. Young professionals, creatives, and go-getters, this is where you want to be!
As we can see, Sunderland stands out as a city with numerous cost-effective opportunities for property purchase. It serves as an ideal location not just for first-time homeowners but also for astute investors keen on long-term benefits. The city is demonstrating significant progress, with a flourishing job sector, efficient transportation links, and more.
At We Buy Any Home, as experienced cash house buyers, we have cultivated a comprehensive network of investors, all of whom are enthusiastic about procuring properties in Sunderland. If you’re considering a secure and prompt property sale, give us a call and we can guarantee you a sale in weeks rather than months or even years unlike on the High Street!
