The stunning Northumberland coast and rural villages continue to draw attention nationally, on TV and in the broadsheets, with buyers still seeking their special coastal or rural retreat. However, there are much reduced numbers of buyers looking for commercial holiday and second homes following somewhat of a ‘perfect storm’ in the second half of 2024. Tax hikes targeting second home and holiday let owners, double council tax, and stamp duty rises all made for a decline in volumes of buyers entering the market. The only rainbow on the horizon is that mortgage interest rates are reducing.
Despite all these challenges, Sanderson Young’s Alnwick branch has had an amazing start to 2025, with sales up on last year, and interest continuing in central Alnwick, rural villages like Eglingham, Chatton and Wooler, and a renewed growth in activity on second homes on the coast. Superb holiday homes in Bamburgh, Seahouses, Alnmouth and Beadnell continue to sell well and although we have not achieved high viewing levels such as we experienced post-lockdown, we are still attracting buyers. Whilst we have seen reduced numbers of holiday home buyers, we have seen an increased number of buyers looking for their main homes, from the North East and elsewhere in the UK – many of the family homes and downsizer properties we have instructed have had more than one interested party.
Chains are more common in this market, with buyers often actively viewing before putting their own home up for sale, which is a change from the many proceedable/cash buyers there appeared to be in the heated post-Covid market of 2021/22, and this is where Sanderson Young’s dedicated Sales Progression team can assist in getting the sales through smoothly. There is an adjustment in expectations from vendors that the interested parties may have a house to sell. This can prove useful in terms of timescales, giving the vendor time to find their next suitable home and often allowing an offer to be accepted, subject to sale, with a 4 week period of exclusivity given to the buyer – patience can often prove fruitful, and we have seen this on a number of occasions already this year.
2025 should be a fantastic year for our team in Alnwick, and we look forward to further success!
Penny Wright
Regional Valuation Manager