Newspaper article Evening Gazette (Middlesbrough, England)

No Price Drop

Newspaper article Evening Gazette (Middlesbrough, England)

No Price Drop

Article excerpt

Byline: Karen Mclauchlan

The housing market on Teesside remains stable, local experts said today.

Their comments came on the back of the Halifax bank's monthly update which showed the annual rate of growth in prices continued to slow, falling to 2.3pc in July and the lowest increase since April 1996.

Local property experts today said while there had been no sign of prices rising in the Tees Valley - prices were not dropping either.

The Halifax said the average price is now pounds 162,994, compared with pounds 163,682 at the start of the year, although the bank said the fundamentals of the market appeared sound.

House prices edged up 0.2pc last month as the average cost of a home remained close to levels seen at the start of the year, according to the Halifax

It added it was unlikely the Bank of England's quarter-point cut in interest rates to 4.5pc would cause the market to overheat in the way it did a year ago.

Keith Thirlwell, senior partner of Middlesbrough-based Thirwells Estate Agency, said: "We're in a period of more stability - but we've still got a good active local market. …

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