It’s no secret that you can often get more home for your money in the North East than in other parts of the UK.
The average home in our region costs £181,420, around a third of what you’d be expected to pay in London where the average price is over £480,000, according to figures released by Rightmove last month.
And with interest rates expected to soar over the coming months, people looking to get onto the property ladder are set to face an even bigger challenge buying their first homes.
The Bank of England announced on Thursday that it would hike interest rates by 0.5 percentage points to 2.25 percent, the highest level since 2008 with fears they could rise even further as the bank looks to grapple soaring inflation.
The most obvious impact is that it will become more expensive for people to pay off their mortgages and those whose mortgages are being renegotiated will likely have to deal with larger bills than they had in the past.
However, the Chancellor’s mini budget on Friday revealed that stamp duty will no longer apply to homes under £250k, which could provide some relief to homebuyers.
Here are five homes on sale in the North East right now (as of September 23) for £30,000 or less which could be ideal for first-time buyers, according to Zoopla.
Two bedroom flat, Park Road, Stanley: £29,500
Described as “ideally positioned” due to its close proximity to local shops and bus links, this two bedroom flat in Stanley is on the market for less than £30,000.
This first floor flat has a landing, lounge area, kitchen, bathroom, two bedrooms and access to attic space for storage. It is also the cheapest two bedroom property on sale in the region right now.
One bedroom flat, Warkworth Crescent, Newburn: £29,500
Only added to Zoopla at the beginning of the month, this property consists of a Reception Room, Bedroom, Kitchen and Bathroom.
The home is located in Newburn in the Western end of Newcastle, close to the A1 providing good transport links.
One bedroom flat, Collingwood Court, Washington: £29,950 guide price
Also coming at a guide price under £30,000 is this “beautifully presented” one bedroom flat in Washington. This property could be ideal for a first-time buyer, down-sizer or investor.
The flat briefly comprises of: An entrance lobby, fitted modern kitchen with built in oven, a large living room, a master double bedroom, a balcony to the front and rear aspect of the property and a modern bathroom with showering facilities.
Based on the pictures of the property, it could be ready to move into with less work than others on our list.
Two bedroom maisonette, Wellington Walk, Washington: £29,995
Staying in Washington, this two bedroom maisonette will leave you with a fiver change on £30,000, on the market at £29,995.
The property may take some updating but appears to be quite spacious from the pictures.
It is described as having an entrance hallway with UPVC door, open plan living room and dining area, fitted kitchen, private balcony, double bedrooms, separate WC and three piece bathroom suite.
Two bedroom terraced house, Marlborough Street, Hartlepool: £30,000
Coming in at the very top of our budget search range, asking for offers over £30,000 this two-bedroom terrace in Hartlepool is described as an ideal investment opportunity or first home.
The accommodation is arranged over two floors and briefly comprises an entrance porch, a generous front reception room which is naturally lit and spacious, a fitted kitchen, downstairs bathroom, a considerable double bedroom to the front, and a smaller single bedroom.
The estate agent says the property is in average condition and would benefit from a full refurbishment and modernisation.
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