Strong demand for properties on Northumberland coast helps fuel price rises

The Northumberland coast has been among the property hotspots of 2021 for Galbraith.

Wednesday, 22nd December 2021, 11:25 am
Currently for sale through Galbraith : West Fenwick Farmhouse, Fenwick, Newcastle upon Tyne. Offers Over £1,250,000.
Currently for sale through Galbraith : West Fenwick Farmhouse, Fenwick, Newcastle upon Tyne. Offers Over £1,250,000.

The property consultancy has published its review of 2021 which exceptionally strong market and rising prices in Northumberland and other parts of the region.

The firm reports an increase in sales of 62 per cent in the north of England, compared with the previous year and an average of 15 viewings per property, showing the strength of demand and intense activity across the region.

Prices are rising, due to the competition between buyers, with an average price premium of 5.14 per cent paid above the asking price in 2021, although some properties sold for considerably more than the average. One property sold for 59 per cent above the guide price.

The most sought-after areas include Alnmouth, Hexham and the Northumberland coast. This year 55 per cent of buyers came from outside the region, demonstrating its national appeal.

Sam Gibson, head of agency for Galbraith in northern England, said: “This year has been marked by sustained sales activity across all property price bands, from £200,000 to £2million, with motivated buyers acting quickly to secure their new home. The most attractive rural properties have sold at a premium, benefiting from a very active market and keen competition between buyers.

“If there is a continuation of working from home for the foreseeable future, many families may consider moving from the towns or suburbs into a more rural area because the daily commute is no longer a factor and in order to buy a property with more space.

“The counties of Cumbria and Northumberland offer the ideal combination of beautiful landscapes, dramatic coastlines, attractive architecture and a good range of available property.

“Looking ahead, many of the same factors will underpin the property market. Mortgages remain relatively affordable and the economic outlook is positive. Rural living offers the privacy, space and lifestyle that we all value at the moment and rural property is generally less expensive per square foot compared with suburban or city-centre homes. We expect to see the strong market continue into 2022.”

Galbraith handles property sales of approximately £55.4 million on average per quarter, across northern England and Scotland.

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