We all know about the North-South divide. We all know about the Prime Minister’s attempt at ‘levelling up’. We all know about the crumbling Red Wall.
But when it comes to property, the facts of the matter tell their own story. According to Churchill Home Insurance, Darlington in County Durham is the cheapest place to buy a property in the country, at just £58 per square foot.
Which is staggering when you compare it to the most expensive — Kensington in central London, where the average price per square foot stands at £1,721.
Imposing: The Clock Tower in Darlington, County Durham – the cheapest place to buy a property in the country, at just £58 per square foot
Music giants Robbie Williams and Eric Clapton have homes in this exclusive royal borough home, as do entrepreneurs Sir Richard Branson and Sir James Dyson.
But here’s the twist: anyone looking to take advantage of Darlington’s prices might have to move fast because there are plans to turn this market town into the hottest property in the north.
Chancellor Rishi Sunak is opening up a smart new division of the Treasury there over the next five years, moving about a quarter of the department.
That’s about 400 people, many of whom will be local recruits. ‘We’re giving talented people in the North-East the opportunity to work in the heart of Government, making decisions on important issues for our country,’ explains Sunak.
So what are the draws of these polar-opposite locations?
Kensington is one of the crown jewels of London neighbourhoods featuring not just top museums but also a host of chic cafes, boutique shops, and even Kensington Palace, where the Duke and Duchess of Cambridge live with their children.
There are three Zone 1 underground stations and several independent schools, and you’re a stroll away from the West End.
Upmarket: A terrace in Kensington, London, where the average price per square foot stands at £1,721
Top restaurants include Daphne’s and Launceston Place — both favourites of the late Princess Diana — and the iconic Bibendum with two Michelin stars.
There’s no surprises when it comes to property values in this area; they’re stellar. The cheapest property in Kensington for sale on Rightmove in the middle of October was priced at £40,000 and that was just a space in a car park.
The most expensive listing, by contrast, was a seven- bedroom semi, with an eye-watering asking price of £30 million.
Of just over 510 property sales in the past year, the average price was a slightly more modest £2,169,235, according to Zoopla, but that’s after prices took a 4 per cent knock as fewer people bought in London during the pandemic.
It’s a different story in Darlington, which has a modest average property price of £172,724, according to Zoopla.
But things are changing; there have been more than 1,600 property sales in the past 12 months and prices have gently risen 4.5 per cent. The most expensive home on sale is a four-bedroom detached house with grounds, for £700,000.
However that’s still an exception, with many more at the other end of the scale, where there are several two-bedroom terrace houses for sale at £45,000.
If you’re moving in, bone up on railway history — the world’s first steam train service began here almost 200 years ago.
Otherwise, look out for a twice-weekly street market, the revamped Hippodrome theatre and the odd tribute to comic Vic Reeves and businessman Duncan Bannatyne, both brought up in the town.
Darlington is brimming with well-preserved Victorian buildings while you can stroll in the beautiful South Park. If you’re after the best of local food, the two-Michelin starred Raby Hunt Restaurant is the place to go.
The town has the buzz of a place on the move — there are modernisations under way at both the railway station (2 ½ hours to London, 30 minutes to Newcastle) and the indoor market.
Meanwhile, Rishi Sunak’s Treasury initiative is already putting Darlington on the map. ‘I know of several people from London who have moved here thanks to working remotely,’ says estate agent Henry Carver of Carver Residential.
