The North East: A Property Market on the Rise – Insights from the Latest Rightmove House Price Index

The latest Rightmove House Price Index report confirms what many property enthusiasts have been noticing – the North East is continuing its upward trajectory in the property market. As we approach the end of 2024, the region is standing out for all the right reasons, particularly when it comes to year-on-year house price growth.

North East Leading the Charge in Year-On-Year Price Changes

The North East has recorded the highest year-on-year price change across the UK, a clear sign that demand in the region remains strong. While other areas have experienced fluctuating trends, the North East continues to demonstrate consistent growth, offering an attractive proposition for investors looking to capitalize on this momentum.

Interestingly, the month-on-month price changes in the North East have remained below 2%, aligning more closely with other regions such as Wales and the Midlands, which have also seen lower month-on-month price declines. This stability makes the North East an appealing option for both seasoned investors and those looking to enter the property market.

A Return to Balance Between Renting and Buying

For nearly three years, mortgage payments for first-time buyers were outpacing rental payments, largely due to rising interest rates and escalating house prices. However, according to the latest data, this gap is beginning to close. The cost of renting and buying is now aligning more closely, offering a window of opportunity for those on the fence about entering the property market.

This shift is a result of the slowing pace of house price increases and the adjustment of interest rates. With rental payments still rising but mortgage costs stabilizing, it’s now becoming a more level playing field for potential buyers and renters alike.

Why Now is a Great Time to Invest in the North East

With property prices still rising year on year, the North East remains a prime location for ethical property investment. Investors can benefit from consistent growth in the market, particularly in areas like Sunderland and Durham, where regeneration and housing demand are on the rise.

The recent shift in the rental and mortgage landscape also presents a unique opportunity for investors in buy-to-let properties, as rental yields remain attractive compared to the potential returns from property flips.

At Twenty-Eight 28 Property Group, we’re committed to helping investors make informed decisions, ensuring they invest in properties that offer both long-term growth and positive impact on local communities.

If you’re ready to learn more about the property market in the North East and how you can grow your wealth ethically, download our free investment guide today, or schedule a call to discuss opportunities available to you.

https://www.rightmove.co.uk/news/content/uploads/2024/12/Rightmove-HPI-16th-December-Final.pdf