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Rise in house sales in the North East

16/04/2009


A new survey has revealed that house sales in the North East rose quickly during March 2009.

The survey which was carried out by the Royal Institution of Chartered Surveyors (RICS) indicates that house purchases increased for the third month in a row in the North East.

This increase has come during when the Government announced a fall in house prices by 12.3 per cent in February 2009. Having said that, the North East’s average house price is £131,974, which is the lowest in the UK. January and February 2009 saw the average price of a house drop 2.7% to £189,813.

However, RICS announced that 42% of surveyors in the region witnessed encouraging projections for the next 3 months. On average, the North East reported 10 house sales per month while the national average is at 9.7.

Richard Sayer of RICS and director at regional estate agency Rook Matthews Sayer, commented: “The figures are an accurate and heart-warming reflection of the uplift we’ve been witnessing in the region in the past three months. Buyer interest takes time to translate into sales and thankfully we are now witnessing this in earnest and in a way that we haven’t for the past 18 months.

“People are buying and selling houses again and we are seeing a healthy flow of new and sensibly priced stock on the market across the region.

“Homebuyers are also waking up to the fact that mortgages are now at their cheapest rates for 50 years and lenders are opening up their criteria to make loans more widely available.”


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