Newspaper article The Journal (Newcastle, England)

Reports of Demise Greatly Exaggerated; Property Expert Justin Anim, Managing Director of Pattinson, Gives His Views on the North East Property Market

Newspaper article The Journal (Newcastle, England)

Reports of Demise Greatly Exaggerated; Property Expert Justin Anim, Managing Director of Pattinson, Gives His Views on the North East Property Market

Article excerpt

"REPORTS of my death are greatly exaggerated!" Mark Twain's quote seems just as applicable to the North East housing market 100 years on as it was to his own mortality at the time.

The property market in general is, as with most industries, influenced hugely by the height, or depth, as the case may be, of public confidence both on a national and local level. So the question that buyers are now asking, understandably, is "Why buy?"

Much has been said about falling sales and falling prices across the industry in the current climate, so there is a steady stream of news and information for potential buyers to decipher. Yet the well-publicised positives and negatives that have to be considered when it comes to the decision to buy are, of course, all subject to our individual circumstances.

In the North East we are in a favourable position in comparison to other parts of the country. While the effects of the economic downturn are being played out in the media, the fact remains that the market in our region is remarkably resilient. We have a fantastic, diverse range of property and some of the best value homes in the country - it's becoming possible for buyers to get a lot more property for their money than in recent years. This, coupled with the lack of confidence in other investments, is bringing to the fore a new type of buyer.

This type of buyer is unhappy with the lack of returns on cash in the bank and other asset classes. At Pattinson, we're seeing many buyers like this turning back to the security of physical investments like property and the perceived control of something as permanent as bricks and mortar.

For example, we recently had an open day at Ochre Yards in Gateshead, a development of modern apartments on the banks of the River Tyne, and it was exciting to see buyers and investors coming back to the market. …

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