With So Many Competing Houses For Sale in South Shields, What’s the Best Way to Sell Yours?
The South Shields housing market has suffered a torrid time in recent years. Stagnation and decline have left thousands of houses for sale in South Shields and homeowners counting the cost of lost value. The drop in demand has made it very difficult to sell houses quickly in the Tyneside town. However, by using the information in this guide and the North East local housing market, you should be able to find a buyer for your home as quickly as possible.
Years of under-investment and high unemployment levels have kept house prices low in South Shields. Although property values have stabilised since 2012, they are still stagnant – and they lag well behind those in other parts of the UK. If you need to sell a house quickly in South Shields, there is a good chance you will need to look beyond the traditional property market. At Flying Homes, we work on behalf of wealthy property investors, buying homes as quickly as possible. We pay up to 100 percent of market value for these homes, and we are often able to complete transactions in a matter of days. We cut out all involvement from the open market, so you can make plans for the future with a degree of certainty.
Selling Houses in South Shields quickly requires a competitive asking price
After seven years of turmoil in the North East property market, it seems that things have stabilised somewhat. Indeed, there are signs of modest house price growth. In 2014, a local property specialist revealed that house prices in this area of the North East rose by 1.1 percent in June alone. South Shields enjoyed the second highest monthly rise in the North East during 2014 – a rate of 3.8 percent. However, there are now signs that growth is flat-lining once again. New rules on lending, the prospect of rising interest rates and the reluctance of banks to lend are combining to put downwards pressure on local property values. With demand relatively flat, and local buyers still incredibly price-sensitive when it comes to house buying, there is no escaping the fact that you will need a sensible asking price in place on the open market.
The North East has the lowest average annual salary of all the major English regions, so it should be no surprise that buyers in this part of the UK are incredibly sensitive to house prices. In order to secure a quick house sale at the best price possible, you will need an initial asking price that reflects what is going on in your particular part of South Shields. Researching sold house prices in the area is the only way to ascertain what this price should be, and in most cases, estate agents and house buying specialists will take care of this. However, you can do the research yourself by entering your postcode on the Zoopla website to view house transaction statistics for your part of town. Or try our free property valuation tool which gives upper, median and lower estimated values for your home.. House sales data for South Shields can also be found easily on the Rightmove website, and the government releases sold house price information via The Land Registry website.
Why marketing is crucial when selling with so many houses for sale in South Shields
At a time when house prices in many areas of South East England are beginning to stall, the average cost of a home in South Shields is rising at the fastest rate in the North East. According to a report in the Shields Gazette, an average of £10,598 was added to homes in the town during the year to April 2015. What is particularly striking is the fact that property values in nearby Blyth rose by an average of just £2 during the same period. But this good news comes with a caveat. The same report revealed that house prices have flat-lined since the beginning of 2015. It would seem that likely interest rate rises later in the year, the growing gap between house prices and wages and the reluctance of banks to lend are some of the factors that are slowing demand for homes in the area. If you hope to sell a house quick in South Shields, you will need a comprehensive marketing strategy in place.
The rate of property value growth in South Shields has slowed to a virtual halt, and the chances of significant growth during the next 18 months or so are low. These are not the best circumstances under which to sell a house without the marketing expertise of an estate agent – if you’re selling on the open market, that is. Estate agents in South Shields know the various nuances and difficulties that exist in the local property market, and they have the networks of contacts needed to expedite a quick sale. You might be able to save on the cost of an agent’s fees by going it alone on the open market, but this course of action could end up costing you money unless you know exactly what you’re doing. A good estate agent will add value to your home on the open market.
If your need to sell a house quickly in South Shields overrides all of your other concerns, it might be a good idea to avoid the open market completely – and that is where we come in.
Taking the seasonal approach to selling a house in South Shields
Before you delay the listing of your house for sale in South Shields until a more profitable time of year, it is worth noting that there is very little evidence to support the notion that property values are directly linked to the time of year. Although demand can peak during certain months, predicting when demand will be at its highest is an almost impossible task. According to Home.co.uk, the busiest month of the year to February 2015 for house sales in South Shields was October. However, there is a very good chance that sales will peak at different times of year in the future. You should list your house for sale at the time that suits your circumstances. But modifying your home in accordance with the prevailing season might help you to broaden the interest in your property amongst buyers with seasonal buying priorities.
What factors have the potential to positively influence house prices in South Shields?
South Shields is a large urban area that is home to nearly 90,000 people. There are several districts, suburbs and housing developments within the town, and they all have their own property markets. Before you take the news on house price growth in South Shields for granted, you should research exactly what is happening to property values in your locality. House prices have a tendency to fluctuate from street to street, and being armed with the latest, most accurate information will help you to maximise the sale price you achieve on the open market.
In order to use your marketing strategy to full effect, you need to be aware of the various issues that have the potential to increase the value of your home on the open market. Whilst there is little you can do to influence these issues, you can use them to extract a premium from certain types of buyer. For instance, you might be able to secure a little extra value from parents if your home lies within the catchment area of a top school. Homes in low-crime areas can also sell for a premium on the open market. There might be developments in South Shields with the potential to positively influence house prices too, including the development of a former college site in the town, and a major plan to breathe new life into the town centre of South Shields.
All About South Shields
South Shields is a town located on the mouth of the River Tyne, around five miles from the outskirts of Newcastle. Now a part of the Metropolitan Borough of South Tyneside, the town is the third largest built-up area in the conurbation of Tyneside.
South Shields enjoys a coastal location – just a few miles along the North Sea coast from the City of Sunderland. The area has a long and proud tradition of shipbuilding; however, the last of the docks closed in 1984. The other traditional industry in this part of the world was coal mining, yet the last coal mine in South Shields closed its doors in 1993. The decline of the traditional industries during the 20th century left South Shields – and most of Tyneside – with chronic unemployment problems. Indeed, the town suffered with the highest rate of unemployment in the UK for several years during the mid to late 20th century.
The local economy is dominated by services now, and hundreds of local people are employed in the retail and catering sectors. The Port of Tyne in nearby North Shields, along with a very limited ship repair industry, provides a few hundred jobs for the local economy, but the once heavily industrialised River Tyne is now little more than a tourist attraction.
Things to do in South Shields
South Shields enjoys a fantastic coastal location. Not only is it blessed with gold-sand beaches along the North Sea coast, it is located on the mouth of the River Tyne. If you visit during the summer, make sure you take the time to enjoy the fantastic entertainment at the South Tyneside Festival, which includes live music throughout the three months of summer. Or if you’re in the mood for shopping, there are some stunning gifts and keepsakes to browse at Harton Quays Park Craft Market. There is a myriad of art and local artefacts to be enjoyed at South Shields Museum & Art Gallery, or you can enjoy a theatrical production in the beautiful Customs House. Follow in the footsteps of Roman warriors at Arbeia Roman Fort, or explore England’s Saxon era at Bede’s World. If you’re looking for more sedate entertainment, enjoy a picnic or a stroll at South & North Marine Parks, or take a cruise up the River Tyne to Newcastle. And if you have kids in town, make sure you take them to the attractions of Ocean Beach Pleasure Park.