THE North East housing market is still lagging behind the rest of the UK, despite an upturn in seller confidence.
The latest figures from the Agency Express Property Activity Index show that although new For Sale listings grew in the North East by 27.6 per cent between January and February – the second highest rate nationally, after the West Midlands, and well above the national average increase of 18.5 per cent – the increase in actual sales over the same period was only 20 per cent, the second lowest regional rate of growth in the UK.
Average house sales nationwide increased by 42.9 per cent, the highest monthly increase since February 2010.
Commenting on the latest results, Stephen Watson, managing director, Agency Express, said: “Our Index figures for February show an encouraging consolidation of the housing market virtually nationwide.
“A combination of relatively-low interest rates, more affordable property prices and the stamp duty incentives pre-March for first time buyers, coupled with early mild weather, has put the thought of moving back into people’s minds.”