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Demand helps North East housing market

Strong demand from potential buyers combined with a shortage of homes for sale helped to boost the housing market in May, research has shown.

A further increase in sales coupled with a considerable rise in new buyer enquiries has begun to provide some support for property prices in the North East, according to the Royal Institution of Chartered Surveyors (RICS).

46% of the region’s chartered surveyors reported a rise rather than a fall in new buyer enquiries, a climb up from last month’s dip of -1. Sales have also edged up with the North East’s chartered surveyors now reporting transaction levels at an average of 13 sales per agency over the last three months, higher than the national average of 11.8.

The region’s surveyors are optimistic for the next three months with an increase in surveyors reporting confidence in price expectations.

Richard Sayer, RICS North East housing market spokesperson, said: “Last month we saw a real upturn in new buyer enquires as more people realise that properties are more affordable than ever and this is an ideal time to buy.

“This increase in footfall has slowly started to translate into sales and we are hopeful to see this improvement continue over the coming months. What we remain in need of however, is a wider choice of mortgage products and the availability of finance for first-time buyers to propel the market further from the lows seen over the past year.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .