Table of Contents
- Auction Properties In North East England
- Property Prices In North East England
- Where To Look For Auction Properties In North East England
- Auction Properties in NE England FAQ
- What Type Of Auction Property In North East England Should You Look For?
- Five Reasons To Buy Auction Properties In North East England
- Some Final Thoughts About Buying Auction Properties In North East England
Auction Properties In North East England
Buying Auction Properties In North East England
There has been an upsurge of interest in buying auction properties in North East England. Many buyers are choosing this area because of the lower cost of housing and the wide variety of properties on offer. Recent regeneration of local towns and cities has also attracted investors who can see great opportunities for growth. Buying auction properties in North East England offers families the chance to live in an area where access to the countryside and modern cosmopolitan city life is easily available.
Property Prices In North East England
The land registry reported in February 2020 that the average house price in North East England stands at £125,053. This is lower than other regions of the UK making this area a very attractive proposition for investment. The price reflects an annual increase of 0.4%.
Due to the size of the region prices will always vary between cities, towns and countryside properties. It is important to note that auction property prices in North East England are going to be lower than the prices advertised by estate agents. Current prices for properties in Northumberland can start as low as £15,000 for a 2-bedroom flat but there are also expensive properties. A 4-bedroom detached house close to the sea will attract a guide price of around £330,000. As you can see property prices in North East England vary greatly depending on location and the circumstances of the property.
Where To Look For Auction Properties In North East England
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The counties of Northumberland, Durham and the Tees Valley plus the metropolitan areas of Tyne and Wear are areas where you can look for auction properties in North East England. There is a huge variety of properties including terrace houses in former mining communities, large country homes and modern city apartments. The price that you pay will depend upon your budget but these are some of the areas that you could consider.
The cathedral city dominates County Durham which has a border with the North Sea as well as access to beautiful countryside. Auction properties in Durham range from small flats and terrace houses to large country homes. A 3-bedroom end of terrace house will go for around £55,000 depending upon the neighbourhood and a large 3-bedroom semi can be had for around £100,000. At the higher end of the market a rural large 3-bedroom detached house can cost around £250,000. Transport around Durham includes excellent rail and road links as well as park and ride into the city.
Newcastle Upon Tyne
The most populous city in the region, Newcastle Upon Tyne is another good choice when searching for auction properties. It has one of the largest shopping centres in the UK and a thriving and energetic nightlife. Property types in the city include the ‘Tyneside Flat’, a form of domestic housing comprised of single story flats within a two-story terrace. A flat of this kind can be purchased for about £27,000 making this an attractive rental option for investors. Newcastle Upon Tyne also has more expensive auction properties particularly in Ponteland where a 5-bedroom house can cost upwards of £1,000,000.
The market town of Hexham is linked by road to Carlisle in the west and Newcastle in the East, Surrounded by smaller towns and villages, Hexham offers a stress free environment to live and encompasses a long history in the form of Hexham Abbey and Moot Hall. A 1-bedroom flat selling at auction in Hexham can attract a guide price of about £63,000 and this reflects the higher property prices in this part of North East England. Commuting from Hexham is easy as there are three trains an hour to Newcastle and two trains an hour to Carlisle. This makes Hexham a very desirable place to look for auction properties.
Berwick Upon Tweed
The northernmost town in England is Berwick Upon Tweed which is located at the mouth of the River Tweed. This beautiful market town has Georgian houses and modern apartments in the Heritage Quay. Berwick has an economy that is mostly based on the service sector with shops, health care and financial services being just a few of the jobs available. Served by the East Coast Railway, the town features many different types of property including large 5-bedroom Victorian houses that can cost upwards of £500,000 and a 1-bedroom detached for as little as £60,000.
Situated in North Yorkshire, Middlesborough has an industrial heritage which has left behind an array of smaller properties that can be purchased at auction. Some of the auction properties needing renovation are being given a guide price of £1,000. If you are looking for a low priced property for investment this is definitely worth consideration. Road and rail links are provided by Northern and Trans-Pennine Express, the A19 which runs North to South and the A66 which runs East to West. As a university town, Middlesborough gives you options of buying flats or apartments to let out to students.
Auction Properties in NE England FAQ
Is It Simple To Find Auction Properties In North East England?
The easiest way to find auction properties in North East England is to search online. However, if you do not have access to online websites then look in local newspapers in the property section for local auction houses in places like Newcastle, Durham and Middlesbrough.
What Price Are Auction Properties In North East England?
The average price of homes in North East England is £124,053 although properties sold at auction in places like Newcastle tend to sell for less. Houses at auction may be lower or higher depending upon the condition of the property and the location.
Which Areas Are Best To Find Auction Properties In North East England?
If you want city life, Newcastle Upon Tyne is a good choice when buying an auction property. If you prefer the countryside or coast then Barnard Castle and Scarborough are two excellent prospects. It is worth noting the huge variety of villages, towns and rural locations around North East England where property auctions are held.
Are Repossessed Auction Properties Available In North East England?
Repossessed properties are available in North East England and these can be found on both bank and finance companies websites. You can find them advertised in newspapers and local councils may also have a list of repossessed properties in places like Newcastle which may be up for auction.
What Type Of Auction Property In North East England Should You Look For?
The list of auction properties in North East England is extensive with residential, commercial and renovation projects all available. Residential homes can be found in cities, towns and the extensive countryside. Commercial properties are plentiful in cities and on the outskirts of towns. Renovation property which can be ideal for investment is also in good supply.
Renovation Property In North East England
Refurbishing a derelict or abandoned property can be a good investment. There is plenty of choice auction renovation properties in North East England. As economies have moved from an industrial trend towards retail or services, the North East has a glut of properties that are in neighbourhoods where the industry has now left. A 2-bedroom terrace house in Middlesbrough ready for refurbishment can be bought for £15,000. There are also larger redevelopment projects available from auction outside the towns. Any expansion plans must have planning approval before work commences.
Commercial Properties For Auction In North East England
Commercial properties are plentiful at auction in North East England. Auction houses are constantly updating their lists with empty shop premises, warehouses and town premises that are no longer used due to the decline of former industries. Many of the premises come complete with accommodation above and are ideal for new businesses or for a business looking for more storage space. Some commercial properties for auction can be found outside of town on industrial estates which allows for easy access and parking.
Residential Auction Property In North East England
There are many types of residential auction properties in North East England. In towns you can find Victorian Villas, Post War semis and modern flats. There are also a number of houses previously rented out by Councils and these are often cheaper and larger than more modern houses. Away from the towns there are rural residential auction properties including farmhouses, cottages and former chapels.
Property resources for North East England:
Durham County Council
Council tax rates in Newcastle from Newcastle City Council
Middlesbrough Council and local council tax rates
|Popular areas for UK property auctions|
|Auction properties in Scotland
Auction properties in London
Auction properties in Cornwall
Five Reasons To Buy Auction Properties In North East England
1. Lower House Prices And Cost Of Living
You can get a lot more for your money when you buy auction properties in North East England. Whether you want a small flat in the city or a large detached country property you will pay a lot less money for a lot more space. This makes the region a very attractive proposition for living.
2. Diversity Of Places To Live
Buying auction property in North East England gives you a variety of options. You can choose to live in one of the vibrant cities or opt for a market town or village that is surrounded by beautiful countryside. There are also miles of wonderful coastline with beautiful beaches to visit and explore.
3. North East England Is A Changing Area
The whole region around NE England is changing with new digital industries taking over from the old industrial past. Regeneration of the cities and towns has led to more jobs and more renovated auction property in North east England.
4. Quality Of Life In North East England
Choosing to live in this region gives you the option of a less stressful life if you buy auction properties in North East England. Although salaries may be lower than in the South, this is compensated for by the friendly nature of neighbours and contrasts with the anonymity often found in the capital and other parts of the South.
5. Easy Access To All Of The UK
Whether you want to get to Scotland, the Lake District, the Midlands or further South, there are excellent transport links. The East Coast Main Line runs to Durham, Newcastle and Darlington and from there you can get fast trains to both London and Edinburgh. The main arterial road is the A1 which links up with all major motorways.
Some Final Thoughts About Buying Auction Properties In North East England
Making the step to go to a property auction may feel intimidating but if you do your research you will be fine. There is a lot of information online advising exactly how auctions work and what to look out for. If you go armed with this information and stick to your budget you can secure a bargain and enjoy saving money on a house purchase.