Melissa Lines, Senior Associate in our Durham office gives an update on the property market in and around Durham City and gives her opinion on the best places to buy. A compact city with everything to hand, the dramatic Durham Cathedral and Castle World Heritage Site is one of the most stunning in Europe.
The Durham office opened in October 2020 a strategic move into the city, with a clear vision to offer a high-end estate agency service in the Durham and Newcastle upon Tyne areas. Whilst the appeal and convenience of city living is still extremely desirable there has been a huge resurgence in the village and rural market. We are delighted to offer the very best in apartment living with properties in Gosforth and Newcastle City Centre to the buoyant village market with a range of interesting properties such as The Old Methodist Chapel, Great Lumley, and Ashburton House in Witton le Wear just a few miles from Durham City Centre.
Bill Bryson called it a ‘perfect little city’ and we can’t argue with that, with Durham University the 3rd oldest University in England. We can see why Condé Nast’s Traveller magazine voted it the ‘Best city in the UK’ Offering a range of contemporary hotels, bars, restaurants, independent shops, artisan workshops, relaxing riverside walks, boating, and coffee shops such as Flat White Durham where you guessed it they serve an amazing Flat White. Excellent rail links from Durham City Centre with a regular rail service to Edinburgh and London. It really is a perfect little city!
There are some fantastic villages just a short drive from the city centre and some real property hot spots such as Shincliffe Village, High Shincliffe and Lanchester where buyers can enjoy country walks, village pubs and an easy commute to the city.
Durham is home to some of the country’s best education, Durham University which is claimed to be the 3rd oldest university in England after Oxford and Cambridge. Excellent schools including Durham School, Durham High School, and Durham Johnston. This makes Durham a good investment area for student properties and second homes.
With the stamp duty holiday being extended up until the end of June for the first £500,000 and a subsequent phased return with an exemption up to £250,000 from July to the end of September the busiest market we have seen in many years looks set to continue to the end of summer. There continues to be a lack of stock available in the market, which is why, when new properties are launched to the market, they are selling quickly and are comfortably achieving guide prices or within 2% less of the headline figure. Due to Covid restrictions and the government’s current advice, George F. White is working within lockdown regulations and is only allowing people to move if they have a genuine need to do so which in effect is allowing us to introduce ready willing, and proceedable buyers to our clients.
It truly is an excellent time to sell and despite the current challenges, we would be happy to provide advice regarding selling your home in today’s market.
If you would like to speak to Melissa about selling your property please call 0333 920 2220.