Member Article

North East sellers return to test the Spring housing market say RICS

Supply of property in the North East increased during April, as sellers returned to the test the Spring housing market, according to a survey.

The latest RICS UK Housing Market survey revealed that 13 per cent more chartered surveyors in the region reported a rise rather than fall in new instructions, up from 10 per cent more in March.

According to the RICS spring is traditionally a busier time of year, but respondents suggested that a stablisation in property prices has also tempted many back.

Demand in the region, however, remained subdued, with new buyer enquiries moving to a net balance of -14.

Richard Sayer, RICS North East spokesman on the residential market and a partner in estate agency Rook Matthews Sayer, said: “While the region enjoyed an excellent first quarter, April saw poor results in sales and viewings. I think the blame lies with four Bank Holidays and the best weather for over 25 years.

“While agents were surprised at the lack of business, they do not believe it is part of a wider trend. Instructions generally remain good with sellers being more realistic in their expectations.”

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