Are Apartments for Sale in Sunderland Worth Your Money?
Sunderland is another great example of a northern city that used to be a manufacturing giant in decline that is now finding its way to a brighter future. Mostly thanks to regeneration and development.
Let’s take a look at why you should be looking out for properties for sale in Sunderland:
- Major regeneration & Investments– Sunderland is currently undergoing a major regeneration strategy plan, called Sunderland 3,6,9 Vision: Transforming Our City. The main goal of this strategy is to boost the city and bring it more in line with the wider Northern Powerhouse initiative. This investment will bolster Sunderland’s economic growth by contributing to the creation of 20,000 new jobs. Which in turn is bound to invite more professionals into the city. Especially those looking for high-quality accommodation.
- High Growth– the Department for International Trade show that in 2018/19 the North East created 125 jobs for every 100,000 people of working age population. That places the region behind only London and the West Midlands as the best-performing UK areas. With huge regeneration plans and a goal to create 20,000 new jobs by 2024, Sunderland is going to be at the centre of this regional growth.
- Low Prices– even though Sunderland property prices are rising rather quickly, they are still far below the national UK average of £329,210. Prices are oscillating depending on property types, so you can find flats in Sunderland sold for an average of £157,344 and terraced houses for £123,190. Over the last year, the average sold price of property in Sunderland rose by £17,000. Which is the best annual growth in the region.
- High Rental Demand & Student Population– Rental demand in the north-east is going from strength to strength. There are over 19,000 students at the University of Sunderland, and over 3000 of those graduate each year, many of whom want to stay in the city. Which is a great opportunity for you if you’re looking for an investment property for sale in Sunderland. Housing in Sunderland is striving to reach the high demand. To fulfil the 3,6,9 Vision targets, Sunderland needs approximately 14,000 new homes by 2033.
- High Rental Yields – According to Totally Money’s recent Top 25 buy to let hotspot research, Sunderland’s SR8 postcode comes in at number 16 with an average yield of 7.32%. The city’s SR5 postcode is also at number 25 with an average rental yield of 6.99%. The most central SR1 postcode generates an impressive 7.53% average yield.
What to Expect From a Sunderland investment Property?
With its steadily increasing population, more job opportunities and plans for the future, Sunderland and other northern cities create attractive property investment propositions. Especially for investors looking for lower initial costs and higher yields.
As we’ve mentioned above, Sunderland has seen loads of private and public investment. It is estimated that £1.5 billion will be invested in the area by 2024. All for the purpose of transforming the city. It is also called the ‘evolving city centre’ with a high number of emerging job opportunities in recent years.
Sunderland is considered as a very competitive property market. With many homes getting multiple offers and selling within 12 days. Not only that, but the average homes sell for about 8% above list price with premium homes selling for about 13% above list price.
Housing in Sunderland is striving to reach the high demand. To fulfil the 3,6,9 Vision targets, Sunderland needs approximately 14,000 new homes by 2033. Which means, that currently it’s suffering from a lack in housing stock. This alone is great news for those on the lookout for investment properties for sale in Sunderland.
Another notable fact is that Sunderland is in the top 10 list of most investable areas in the UK, according to Property Forecaster.
It’s not difficult to conclude the north-east can’t be beaten for value of properties and offers a very accessible investment opportunity with great future potential.
Prices of Luxury Apartments for Sale in Sunderland & Growth Potential
Average property prices in Sunderland grew by 7.9% over the last year. It is also predicted that if prices in Sunderland continue to rise by 2.2% a year, which is highly likely, the average property price will be £167,859 in 2025.
If you’re looking to buy a Sunderland property here are the prices you should have in mind:
- The average price for a terraced house in Sunderland is £123,190
- £307,749 for a detached house,
- with semi-detached in costing on average £164,278.
- the average price for an apartment in Sunderland is £101,744.
Of all the properties in Sunderland, detached house prices have risen the most and flat prices have had the lowest growth. Detached house prices have risen by 27.8%. Semi-detached house prices follow with 18.8% growth. Terraced house prices are tagging along with a rise of 12.7% and flat prices have fallen by 13.1%.
This northeastern city’s strong property values, high rental yields and major investment strategy combine to make Sunderland a fascinating property investment opportunity. Take a chance and invest in Sunderland property with Aspen Woolf.