December 30th 2024.
In the charming city of Durham, just a short distance away, lies the town of Shildon - known as the home to the most affordable properties in the entire UK. For less than £50,000, you could potentially become a homeowner in this quaint location.
Shildon is recognized as the world's first railway town, but it also offers houses for sale at much lower prices compared to the rest of the country. According to a study by Zoopla, the average market price for a home in Shildon is £73,200 - significantly lower than the national average of £267,500. One two-bedroom, semi-detached house has recently been listed for just £50,000, even lower than Zoopla's estimate. And the best part? The house is move-in ready with freshly painted walls, new carpets, and a spacious entrance hall, living room with an electric fireplace, and a decently sized kitchen. The only area that may require some attention is the family bathroom, but at this price, it's still a steal.
The property is freehold and chain-free, and it's not the only affordable option in the area. A nearby home is currently on the market for £45,000, while another two-bedroom property on South Street is listed for just £40,000. With such low prices, it's no wonder people are considering buying in County Durham.
So what are the advantages and disadvantages of purchasing a home in this area? As Verona Frankish, CEO of Yopa, explains, County Durham offers prices that are 56% lower than the national average, making it 22% more affordable than the regional average in the North East. And it's not just the affordability that attracts potential buyers - there is also an abundance of larger homes, perfect for those looking to move up the property ladder. In fact, one in every five homes for sale in County Durham is a semi-detached with three or more bedrooms, while a quarter are detached homes with the same number of bedrooms. This is quite a contrast to other regions where the lack of larger family homes is a common issue.
Another attractive aspect of County Durham is its strong school system, healthcare infrastructure, and welcoming community, all of which make it an ideal place for families to settle down.
But why exactly is housing so cheap in this area? Verona explains that the prices are determined by the local earning potential, and in County Durham, the average salary is around £29,537 - similar to the prices of some of the properties available. The closure of mines in 1987 had a significant impact on the community and economy, causing many locals to seek employment elsewhere. However, the local authorities are now investing in regenerating the area, such as building new social housing.
There are some challenges that come with low house prices, such as high rents and the conversion of larger homes into HMOs (House in Multiple Occupation), which can cause issues within the community. However, County Durham remains an attractive market for first-time buyers, despite the relative affordability constraints.
If you're thinking of moving to County Durham, there is plenty to do in the area. From exploring Durham Castle to stargazing at one of the 12 dark sky discovery sites in the Durham Dales. For a closer look at the cosmos, head to Grassholme Observatory, which offers breathtaking views of the Teesdale Grassholme Reservoir. The Durham Heritage Coast is also worth a visit, with 11 miles of trails and stunning coastal views. And for history buffs, the Faith Museum in Bishop Auckland showcases 6000 years of religion in the UK through historical artifacts.
Whether you're looking for an affordable place to call home or just planning a visit, County Durham has something to offer for everyone.
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