The town where there’s no shortage of homes

Estate agents in the North-east town of Darlington reckon sheer numbers of new homes being built are driving prices down, the only place in the country where this is happening.

Land Registry figures showed that there were hardly any areas in England and Wales that did not share in the average 7.8% growth last year. But just one town, Darlington, managed to record a minus 0.4% drop to an average of £119,832.

The town is set for a pedestrian centre as part of a restoration project that will see many buildings demolished and did take part in a mini house price boom several years ago, but estate agents are ‘baffled’ reported the Independent newspaper. However, Simon Bainbridge, at local agents Smiths Gore, agreed that Darlington's poor performance could reflect the fact that there was no shortage of homes.

The ‘Pedestrian Heart’ project will introduce new enhancements to the town centre, creating a quality environment. Traffic is being re-organised making a series of safe pedestrian spaces.