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Is the North East Property Market Still Powering Ahead? 🚀💥

This entry was posted on Friday, December 11th, 2020 by Nigel Fitzakerley

So we’re coming into the Christmas and 2020 is finally drawing to a close so what a year we’ve had 😓

We’ve had to deal with Covid, Brexit, Lockdowns, Tiers etc. etc. but how has this affected the property market?

Well I have to say I’m truly amazed! When I first got into property in 2007 the North-East property market was absolutely bouncing, we were talking about house prices doubling every ten years and we were going to become wealthy overnight.

The financial crisis hit and largely the North-East market has been recovering ever since – with house prices slowly creeping up and rents being largely stagnant.

NOW – 🥁🥁 – YTD Nov 2020 – House Prices in the North East are up 8.6% 💥

And properties are only taking 56 days from listing to offer – WOW I haven’t seen anything like this in 13 years!

That puts the North-East ahead of everywhere in the UK apart from the North-West & Wales – who’d have believed it?

Also Blyth just north of Newcastle is expected to become the UK’s first “gigaplant” manufacturing electric car batteries – creating 3,000 jobs and a further 5,000 jobs in the supply chain.

I’m also hopeful that Teeside is chosen as the “Northern” base for the Treasury which would mean 750 jobs moving out of London (get thouse Parmo ovens ready!🍗)

And with the levelling up agenda of the current government I’m hopeful that the North-East will have a really strong decade ahead, we certainly need it!🙏

My aim as a landlord is the creation of long term property wealth where you get that double bubble of asset price growth and rental income.  Over the long-term this means you manage to make money from your property while asset price growth will pay for your pension!

The North-East has always been a good yielding area but if we throw in that asset price growth – maybe it’ll become “the place” to invest?

What’s your thoughts?

If you need any advice about investing in the North-East we’re happy to provide a 15 minute consultation to discuss your investments needs, criteria and goals so we can help you to create long term wealth through property! 🏡

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