Mixed picture on Peterlee property prices

Ajay Jagota
Ajay Jagota
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Peterlee is the North East’s buy-to-rent hot spot, according to KIS Housing NOW latest analysis.

But the New Town is also worst place to make a p[rift from selling property.

After three months of negative growth it’s very good news to see North East house prices making up lost ground over the past four weeks and in a markedly stronger position than twelve months ago, with prices the best part of £10,000 higher than this time last year.

Ajay Jagota

KIS Housing North of Watford assess the state of the North East housing market each month.

The firm says Peterlee offers an average six per cent return for buy-to-let investors but has seen house prices decline by 1.5 per cent over the last 12 months, while they have risen across much of the region.

North East house prices generally have defied predictions of a worsening UK economy to record their strongest monthly growth this year.

Amid predictions from economists that quarterly figures due this week will show UK economic growth slowing sharply, house values in the region by 1.9% in April, adding £3,099 to the price of the average house.

KIS founder and managing director Ajay Jagota said: “After three months of negative growth it’s very good news to see North East house prices making up lost ground over the past four weeks and in a markedly stronger position than twelve months ago, with prices the best part of £10,000 higher than this time last year.

“The run up to a General Election generally means flat house prices as buyers and sellers adopt a ‘wait and see’ approach, I’d expect to see the same thing happen in May and June, with prices moving forward again come the summer, a traditionally strong period.

“Average asking prices for UK homes this week reached £313,000, all but double the North East average. When you combine that with historically low mortgage deals currently available for both owner-occupiers and investors, the North East remains phenomenally good value.”