It will come as no surprise that house prices have been relatively stagnant for an extended period but things appear to be looking up in the region in recent months. The latest data from the Land Registry show a marked increase in average sale prices all around the region sparking renewed interest.
In the North East as a whole the average sale price rose by almost 14% in the previous 12 months which is the first significant rise since 2010 pushing the average house price in the region to around £163,000. County Durham saw the biggest average rise in the region of 16.8% although all areas saw significant gains, the lowest of which was Sunderland at 9%.
Sellers have been reluctant to bring their properties to market in recent years resulting in a slow market. Many property owners will still be feeling the effects of the banking crisis in 2008 which saw substantial losses in equity, is this an early sign of recovery in the market? Undoubtedly buyers will be cautious, conscious of only relatively recent history, but hopefully a renewed sense of optimism will prevail in time.
Happy house hunting.