Berwick Residential Sales Update
Berwick upon Tweed and the surrounds perhaps haven’t seen the lofty increases of Edinburgh or Newcastle, but there has been steady growth over the last 10 years. People choose to live in and move to Berwickshire and North Northumberland for the lifestyle on offer, partnered with excellent transport links north and south. But our clients also want to know that bricks and mortar is still a safe option.
- Average house prices have risen almost 10% over the past five years from 2013 to 2018.
Average House Price and Annual Change by Quarter
Average House Price and Annual Change by Year
We are blessed with an abundance of space in North Northumberland and Berwickshire and our clients moving up and down the ladder can generally enjoy a little elbow room around them. Detached family homes in good residential areas are still in high demand in the market place.
- Over 1/3rd of sales in the market are detached family homes with apartments only accounting for 10% of sales in Berwick-upon-Tweed and surrounding market.
Berwick Housing Market Breakdown of Sales in 2018 by Type
- Detached family homes have seen the most growth in the average house prices, arising 20% from 2013 to 2018
- The average family home now costs over £260k as of 2018.
At the start of 2019, there was no doubt that Brexit uncertainties impacted the number of transactions, with many homeowners sitting on the fence. Some are still hesitant and we are noticing a distinct lack of supply, yet buyer registrations remain high. This has resulted in premiums being achieved over recent months.
This tells a positive story to homeowners. Properties north of the border are generally receiving offers above home report valuation. South of the border, those properties which are well presented and sensibly priced are also generating premiums. For example, Edington Mains Bungalow was sold within one week with a 10% uplift on asking price.
Detached homes in Berwickshire on a market with Rettie in 2019
If you are looking to sell your property in Berwickshire and the surrounding area, please don't hesitate to contact Amy Brown.