• Mon. Jun 17th, 2024

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Rising house values point to early signs of recovery in ‘restrained’ North East property market, says My Property Box

BenQuaintrellwebBen Quaintrell of My Property Box

Independent estate agency group My Property Box has welcomed early signs of a recovery in the North East property market.

House prices in the region recorded positive growth, rising over the last year by 2% and in Yorkshire and Humber by 2.8%, according to the Halifax House Price Index.

Ben Quaintrell, founder and managing director of My Property Box, which has offices in Darlington and Newcastle, said: “The North East property market continues to show remarkable resilience and has avoided some of the marked fluctuations experienced in other regions. Much of this is down to having some of the most affordable homes in the country.

“The encouraging news is that some mortgage lenders have reduced their rates while others are actively considering their position in what is a competitive sector.

“The market remains restrained, but our own sales activity is ticking over quite nicely. There are always those who need to move home and then there are those who would like to. It is those in this second category that continue to keep an eye on the mortgage rates and are holding off any decision for now.

“It’s very much dependent on the interest rates but economists are predicting a fall later this year, and this would act as a huge confidence boost for buyers and sellers alike.

“However, house prices may rise further if there are a series of reductions in interest rates, so it could be a good time to begin house hunting.”

My Property Box continues to remain extremely busy in the lettings market, as demand outstrips supply.

According to the Halifax House Price Index, the annual UK growth in house prices stands at 2.5%. Northern Ireland recorded the strongest growth across all the nations and regions, jumping 5.3% on an annual basis, while property prices fell 2.3% in the South East and 0.4% in London.

It reported that the average UK house price rose 1.3% in January, the fourth monthly rise in a row – with a typical home now costing £291,029.

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