Did you know Sunderland is the second most affordable city and Newcastle is the 11th most affordable city in England to buy a detached house?
According to Open Property Group, the average price you can expect to pay for a detached house in both these cities is £270,799 and £384,451 respectively. In terms of semi-detached properties, in Sunderland you can purchase one for £147,017 and in Newcastle £218,136.
Open Property Group Managing Director, Jason Harris-Cohen said:
“There has been significant house price growth over the last 18 months, albeit houses have appreciated more than flats and that trend is likely to continue. Consumers will always favour freehold over leasehold, however there are typically always more flats available than houses too, therefore there is the principle of supply and demand. Developers need to create as much space as possible to maximise the square footage. New build houses are typically valued based on price per square foot, therefore the more size, the higher the re-sale values.”
Is it better value for money/a trend for people to look to buy a semi-detached and extend as opposed to paying a premium for detached houses for the extra space? Property expert, Jason Harris-Cohen, believes this is purely subjective and there could, in fact, “be a trend where people stay in their property and improve instead of moving!”
See the full data (and link to PDF) in the infographic below: