UK seaside city where house prices are dropping fastest as buyers ‘blown away’

House prices in many coastal regions are booming now but for one seaside city, the opposite is happening – and new buyers love it.

Coastal homes in towns like Westgate, Margate and Salcombe in the south and a handful of cities including Torquay have been soaring in price, with some locations even doubling in cost.

But for prospective homeowners in Sunderland, where house prices are dropping, these types of price rises are far from reality.

For buyers, they provide an exciting opportunity to grab a beautiful seaside home at a fraction of the cost required to live in places like Salcombe.

In this city, homes are dropping by at least 1.7 percent annually with the current average house price at £114,000, according to Zoopla.

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Helen Wall, director of Sunderland estate agents Bradley Hall, told “We showed a couple around a few of our executive properties just a few weeks ago and they were absolutely blown away by not just the price, but by Sunderland on the whole. 

“Like so many people outside of the North East, they didn’t even know that it was a city by the sea, never mind that it boasts two stunning blue-flag beaches and is just a 15-minute drive from the bucolic County Durham countryside.”

Following the industrial decline of the 1970s and early 1980s, Sunderland has been growing and changing – welcoming numerous regeneration projects over the years.

As well as now being dubbed one of the “most affordable” places to live, it is also known as one of the healthiest and one of the best places to live.

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Sunderland, just 30 miles north of Middlesborough, has been praised for its clean air quality as it has one of the lowest pollution rates in the country, according to Flogas.

Ms Wall explains it isn’t actually anything negative that is responsible for Sunderland’s low prices.

She says she has actually seen a soar in the demand for houses but the price has been kept low by the growth of the city, with hundreds of new homes being built each year.

She added: “The city is currently benefiting from its biggest inward investment programme in generations, with billions of pounds being poured into regenerating Riverside Sunderland in the city centre and its out-of-city manufacturing parks.”

Ms Wall said: “Tens of thousands of high-quality jobs are being created as a result of this, including at the £1billion, UK-first battery gigafactory being developed by Nissan and Envision, new contact centres and offices for Just Eat, RSA and Ocado and its thriving digital sector.

“Naturally, this has seen demand for housing soar, and the market has been quick to react. From Victorian townhouses to spacious semis on the city’s outskirts, we’ve seen listings and enquiries skyrocket over the past 12 months.

“And with an ambitious housebuilding programme that will see the delivery of over 10,000 new-build homes across the city over the next five to ten years and house prices well below the UK average, it’s no surprise that so many people are looking to Sunderland as the perfect place to live, work and raise a family.”

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