There is a good chance that the national boom in the property market is likely to be most keenly felt and long-lived in the North East as the government’s ‘levelling up’ agenda makes progress.
Recent data from the Office for National Statistics, released by the BBC, showed a national rise in property prices, which are the highest they have been for the last 17 years. The North led the way, with both the North East and North West leading Yorkshire and the Humber.
As the region that has, historically, played the laggard, the North East has further to go. However, I’m afraid that the secret is now out; the last year has been extraordinary for the region as demand has defied all expectations. Stamp duty holidays combined with itchy feet following a year at home have created the perfect storm.
The announcement that part of the Treasury will move to Darlington, a Freeport will be developed in Teesside, and a £2.6bn electric car battery ‘Gigafactory’ is being built on the site of the power station at Blyth, proves that we’re finally getting the recognition we deserve. Then, to top it all off, the Saudi Arabian Public Investment Authority have purchased Newcastle United, bringing long-awaited investment and publicity to the region.
So, we’re seeing a host of skilled and well-paid jobs on the horizon, which will be likely to contribute to a demand for housing in both purchasing and rental. This could be seen as a developer’s opportunity, an investor’s opportunity, and, at last, a strong foundation for the future of the North East. Not sure we will win the premiership, though, but never say never!
It’s been a long time coming, but it is starting to look like our rose-tinted glasses may no longer be needed.