October 21st 2024.
The UK rental market has been a bumpy ride lately, with troublesome roommates and nightmare landlords. It's no secret that finding a place to rent is a challenge. But it's just as tough to buy a home, especially with the average property price at a staggering £282,000 according to data from Gov UK. In London, that number skyrockets to an incredible £518,000.
But don't lose hope just yet, there is one beautiful county where you can get on the property ladder for as little as £40,000. Any guesses? It's none other than County Durham. A quick search on Zoopla will reveal a variety of properties currently on the market for that price, from the bustling city of Hartlepool to the quaint village of Horden.
In Horden, which was once a thriving mining village until the closure of Horden Colliery in 1987, two-bedroom properties are available for as low as £34,950 and £39,950. Nearby areas like Sherburn Hill and Hartlepool also have houses for sale at £35,000 and £34,950 respectively. Intrigued? Here's everything you need to know about buying a home in Durham, from council tax rates to fun things to do in the area.
So what are the advantages and disadvantages of buying in County Durham? According to Verona Frankish, CEO of Yopa, property prices in this county are around 56% lower than the national average, making it 22% more affordable than the North East regional average. But affordability isn't the only thing that makes County Durham a great place for prospective homeowners, as Verona points out. The area also boasts a wealth of larger homes for those looking to climb further up the property ladder.
"In fact, one in five homes currently listed for sale is a semi-detached home with three or more bedrooms, while around a quarter are detached homes with three or more bedrooms," Verona explains. "This is quite uncommon in the UK property market, where a shortage of larger family homes often hinders buyers from moving up the ladder. County Durham, however, bucks this trend."
Moreover, the county is known for its strong education system, quality healthcare, and welcoming community, all of which are attractive qualities for families looking to settle down. But why are homes in this area so inexpensive compared to other parts of the UK?
As Verona explains, property prices are often determined by the local earning potential. In County Durham, the average salary is £29,537, which is almost on par with the prices of some of the homes on offer. Additionally, the closure of the mines in Horden in 1987 had a huge impact on the local economy, leading to a decline in property prices. However, the local authorities are now investing in regenerating the area, with plans to build over 100 two and three-bedroom family homes, including council properties, with an investment of almost £4.5 million.
But it's not all sunshine and rainbows, as Verona reminds us that house price affordability is relative to the earning potential in the area. In County Durham, the average income is 14% lower than the UK benchmark, which means that affordability may still be an issue for many buyers.
"This has also made the county an attractive market for buy-to-let investors, leading to the conversion of larger homes into HMOs, which has caused some challenges within local communities," Verona adds. "But despite that, County Durham remains one of the most appealing places for those looking to make their first home purchase."
If you're considering buying a home in County Durham, it's essential to know the average property prices and council tax rates. According to data from Rightmove, the average property price in the county is £165,359, which may be higher than the £40,000 homes currently on offer, but it's still significantly lower than the UK average. Terraced properties tend to be cheaper, with an average sale price of £107,495, while semi-detached properties sell for an average of £156,827.
But it's not just about property prices, you also need to consider council tax rates. Rates vary depending on the borough and property value, with the City of Durham charging £1,589.41 per year for band A properties and £4,768.22 for the highest band, H. In Horden, rates for band A properties are slightly higher at £1,796.43 per year, while band H properties come with a rate of £5,389.28.
In terms of transportation, County Durham has a well-developed bus network, with services operated by companies like Arriva North East, Go North East, and JH Coaches. The city of Durham is also a hub for public transport, with direct trains to London taking just under three hours. Newcastle in the neighboring county of Tyne and Wear is just a 12-minute train ride away, with tickets available for as low as £3.80.
Thinking of making the move to County Durham? There's plenty to do in the area, from exploring Durham Castle to stargazing in the Durham Dales. If you're a fan of astronomy, you're in luck as there are 12 dark sky discovery sites in the county, with the Grassholme Observatory offering the perfect spot to capture some stunning photos of the night sky.
For those who prefer outdoor activities, the Durham Heritage Coast offers 11 miles of trails with picturesque views of the coastline, including limestone cliffs and diverse wildlife. And if you're a history buff, be sure to check out the Faith Museum in Bishop Auckland, which showcases 6,000 years of religion in the UK through 250 historical artifacts from England, Scotland, and Wales.
Do you have a story to share about your experience in County Durham? We'd love to hear it! Get in touch by emailing us at email.
[This article has been trending online recently and has been generated with AI. Your feed is customized.]
[Generative AI is experimental.]
