Member Article

Housing market in Region shows promising growth

The region’s housing market experienced a massive growth surge last month, due to a marked increase in buyer demand.

New purchaser demand registered a net balance of +23 percent, the highest reading in over a year, while new instructions showed a net balance of +7 percent. These results appear to be the exception to the national picture, which was overwhelmingly negative.

Jennifer Welch, Operations Director for RICS North, said: “The picture for the region’s housing market was surprisingly strong during June – in contrast to many other parts of the country where the market was flat.

“Buyer interest in purchasing property has grown across the region and this has been met with an increase of new stock coming onto the market.”

According to the Royal Institute of Chartered Surveyors (RICS), the average stocks per surveyor dropped considerably during June, from 103 to 94. This was attributed to positive levels of supply and demand, as well as the drop in house process.

Richard Sayer, of North East chartered surveyors and estate agency Rook Matthews Sayer added: “Reasonably priced new instructions continue to sell well at all levels of the market.”

Of those questioned, 25 percent more surveyors reported price falls over rises, with a further 13 percent expecting a further drop over the next three months.

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