North East Property Prices On The Rise
It’s no secret that North East property prices have remained stagnant for quite some time, but recent months bring a promising change. According to the latest data from the Land Registry, there’s a notable surge in average sale prices across the region, sparking renewed interest.
In the entire North East, the average sale price increased by almost 14% in the past 12 months, marking the first significant rise since 2010 and pushing the average house price in the region to approximately £163,000. County Durham experienced the most substantial average rise, reaching 16.8%, while all areas enjoyed significant gains, with Sunderland having the lowest increase at 9%.
In recent years, sellers have been hesitant to bring their properties to the market, resulting in a sluggish market. The aftermath of the 2008 banking crisis, which led to significant equity losses, still lingers for many property owners. Could this recent surge be an early sign of recovery in the market? Undoubtedly, buyers will exercise caution, mindful of the relatively recent history, but a renewed sense of optimism may prevail over time.
North East Property Demand Increase
To further bolster this positive trend, the North East has witnessed increased demand for diverse housing options, including eco-friendly homes, modern apartments, and countryside retreats. This shift reflects changing preferences among buyers, who now prioritize sustainable living, contemporary designs, and serene surroundings.
Additionally, government initiatives aimed at stimulating the housing market, such as reduced stamp duty and favorable mortgage rates, have played a pivotal role in encouraging both first-time buyers and existing homeowners to explore property investments.
As the North East property market gains momentum, property owners and potential buyers alike are advised to stay informed about these dynamic shifts. Stay tuned for more updates as we navigate the evolving property landscape in the region.
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Source: LandRegistry.gov.uk