The North East is England’s mixed-use property hotspot, market analysis by Sirius Property Finance has revealed.
Sirius Property Finance analysed England’s mixed-use property market to see which parts of the nation had the largest available stock, and how the value of such developments varied from one region to another.
Mixed-use properties combine commercial and residential units into the same development.
The snapshot data shows that there are currently 5,201 mixed-use properties listed for sale in England, with an average price of £379,366.
The highest proportion of these properties were located in the North East, where 1,252 listings accounted for 24.1% of the national whole.
The North West accounted for 12.3%, and London accounted for 12.1%.
The regions with the lowest proportion of mixed-use listings were the East Midlands (6.8%) and West Midlands (7.6%).
London was the most expensive region. Mixed-use properties commanded an average price of £992,450 – 161.6% above the national average.
Prices in the South East were 38.3% above the national average, and in the East of England they were 4.5% above average.
In the North East, these properties or developments were also the nation’s most affordable. An average regional price of £153,394 was -59.6% below England’s average.
There was also good affordability in the North West (-35.9%), Yorkshire & the Humber (-35.5%), and the West Midlands (-15.7%), while the East Midlands (-13.8%) and South West (-6.8%) also provided below average prices.
Nicholas Christofi, managing director of Sirius Property Finance, said: “We know that the commercial property sector has taken a hit since the pandemic years.
“Retail was already struggling to maintain relevance in the face of online competition, so when lockdown forced people to stop working in the office, it was a second major blow to the sector.
“And while the residential market has proven resilient during this time, we are still dealing with a significant housing shortage.
“As such, mixed-use properties and developments are now believed to be the most astute way of creating more homes while also breathing life back into city and town centres.”
He continued: “The North of England is leading the way for the mixed-use revolution with an abundance of stock and attractive prices that should have investors very excited indeed, especially those with the long-term vision to understand what immense value these properties could have in a few years’ time.
“Furthermore, the portfolio diversity created by investing in mixed-use protects investors against simultaneous voids, thus mitigating one of the most significant risks of property investment.”
