With house prices across the region always rising, are they still good value for money in comparison to other parts of the UK?
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00:00The housing market here in the North East is experiencing notable growth and development.
00:05In 2024, house prices in the region increased by nearly 6%. Forecasts suggest that a positive
00:12trend will continue with some sources even predicting a 5% increase this year.
00:18While this is great for anyone looking to sell a home, this will of course put more
00:21pressure on those looking to buy and can also make rent more expensive if a property's
00:26value is worth more.
00:28The North East, however, in comparison to the rest of England, is still the cheapest
00:31region to buy property, with Hartlepool and County Durham being noted as two of the cheapest
00:36places to buy property in England.
00:39The North East is attractive to first-time buyers and investors because of its lower
00:43cost of living, ongoing regeneration projects and high rental yields.
00:47However, do you think the North East is still good value for money when it comes to your
00:51mortgage or rental costs? I spoke with locals in Durham to find out.
00:57Well, the houses are certainly cheaper here compared to the South East.
01:03I mean, maybe I'm jibbering. I do think what Durham needs to do, because sadly, obviously,
01:13the old industry, the mines, the bits are gone. And that's had, I guess, a severe effect
01:21on some of the outlying little villages and towns around Durham. But I think it needs
01:27to embrace the fact it's a university town. I mean, I'm sure it does, but I think it really
01:33needs to promote that. And it really needs to think about what that means in terms of
01:38where you build.
01:40The North East is better than much of the country, but it is getting worse. It's nowhere
01:44near as bad as London, obviously, but it is worsening and the situation does need to be
01:50as a matter of urgency.
01:52Yeah, it swings and roundabouts. So yes, housing is cheaper here, but other things are considerably
01:58more expensive. You know, because I was really shocked when I heard about the standing charge
02:03being the highest in Britain.
02:07We asked locals what they think the average cost for a one-bedroom apartment in London
02:11might be.
02:12Oh, I genuinely shudder to think.
02:15Per month rent.
02:16Per month rent? Oh, into the thousands of pounds, I would have thought.
02:19God. So depending, it could vary between probably £16,000 to £2,000 a month.
02:29To compare London prices to North East prices, for a one-bedroom apartment, you could be
02:33looking at paying between £1,600 to £2,100 per calendar month.
02:40Yes, that doesn't surprise me in the least. And it's outrageous.
02:43That was spot on. So yeah, £1,600 and £2,100.
02:47Well, my daughter lived in London and when she left, they were paying £1,700 a month.
02:56And they were way out in North London.