Increase in house hunters

House prices are falling in the region
House prices are falling in the region
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THE number of people looking to buy houses across the North East is on the rise.

Forty-five per cent more surveyors in the region said new buyer inquiries rose in November despite the tough economic times, according to a Royal Institution of Chartered Surveyors (Rics) UK housing market survey.

But Alan Collett, RICS housing spokesman, has warned a full recovery is a long way off.

He added: “It is encouraging that buyer interest has improved in the face of the endless diet of negative news from Europe and the turmoil in financial markets.

“However, a meaningful recovery for the North East’s market still seems some way off.

“While the proposed mortgage indemnity scheme is clearly likely to provide some assistance for the market and is to be welcomed, its focus on the new build sector will inevitably mean that it only offers support for a relatively small share of the region’s property market.”