Lindsay French shares her thoughts on the current statistics for the North East Property Market.
Prices
On a national level, house prices have risen for the sixth consecutive month with the average price up by 0.4% to £369,968. Locally, the North East as a whole continues to grow at a higher level than the national average increase; June alone saw an increase of 2.9%, with a year on year increase of 10.3%. While prices are rising, the average house price in the region is now at £183,904, well below the national average, meaning that property is still affordable to most buyers.
Activity
The media may be scaremongering both buyers and sellers by reporting that whilst prices are rising, the market is cooling down. It may be cooling, but not to pre pandemic levels as buyer activity is still up 31% on 2019 in the North East and sales are up by 12% and 11% respectively; this should bring confidence to sellers and those looking to come to the market in 2022.
2021 was a difficult year for buyers as extreme levels of activity made it difficult for buyers to secure a purchase. The slight incline in activity creates room in the market for purchasers.
If you would like to discuss your residential property needs, please get in touch with your local branch by calling 0333 920 2220.
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