Each agent will report a slightly different stance on the market at the present time of asking. Whether it be a direct reflection of events taking place within their branch at that time, a view that they wish to share as part of a wider strategy to ignite the market or hard cold facts regurgitated from the latest Land Registry Housing Market report.
With this in mind, I have tried to share a brief view in this brief article that encompasses all three of those perspectives.
To give a flavour of what the averages look like… within our region the average house price is £132,999.Wider within the UK the average house will set you back £226,185. Nearly double.
Our region has seen a 4.1% annual increase in the average property price next to a UK average of 5.1%. A refreshing statistic that for once puts the North East on trend with the rest of the country.
It is even more exciting to hear is that the North East has seen the highest rise in average house price of all the regions this month where the average property value has risen 3.3% in comparison to the previous month that was analysed. The statistic although very positive does not mean that all current marketing values need to be lifted as the increase is in sold prices and not market values which can sometimes be different.
The Land Registry have collated information from other industry data and surveys and reported that the expectation of vendors is declining, undoubtedly due to the incessant doom and gloom often reported.
This may well also be linked to the decisions of vendors deciding to delay putting their property on the market, which we see day to day. For the 17th month running there has been a reported lack of new stock coming to the market.
Contrary to this common view, there has never been a better time to sell which is shown with the increased buyer activity (viewings up 20% in the last fortnight) in our Barnard Castle office. Having agreed many sales in the last few weeks there are a wide variety of buyers waiting for the right property to come onto the market as stock levels are still very low.
There is a huge amount of information available in the full Land Registry Housing Market report which is updated on a monthly basis, however, to speak to one of us in person about the market in the immediate locality or if you are interested in knowing more about selling or letting your property, please contact our professional and friendly team at Barnard Castle on 01833 690390.