Newspaper article The Journal (Newcastle, England)

Demand Rising but Market Volatile

Newspaper article The Journal (Newcastle, England)

Demand Rising but Market Volatile

Article excerpt

Byline: Karen Wilson

HOMEOWNERS are increasingly confused about house prices as the current market conditions are producing a raft of surveys, all seeming to say different things.


In the North East, Hometrack says prices have fallen 7.9% in the last year, the Halifax and Nationwide figures show annual price falls at 11.5% and 13.4% respectively, while at the other end of the scale the Land Registry says prices have dropped by 17.2%.

Depending on which survey you read, the average property price in the North East could be anything between pounds 100,600 and pounds 134,311.

While most agree that house prices have been falling, estate agents say these national surveys don't give an accurate snapshot of local markets as some areas and house types will be less affected by the downturn than others.

"There are far too many people offering up different facts and figures," says Paul Morgan, regional operations director for Reeds Rains.

"The Nationwide may say prices have risen by 0.9% this month, but what they fail to say is that the market has dropped 10% this year alone.

"If you are thinking of moving, now is a fantastic time as mortgage rates are low and house prices are the best they have been for a long while if the vendor is a motivated seller.

"Yes, you will get less for your home than you would have back in early 2007 but you would also have paid an awful lot more for the house you would have bought back then. It's a case of swings and roundabouts.

"Get an experienced, qualified estate agent to give you a free, no obligation valuation on your home. It may come out lower than you expected, but look at the 2007 price of the property you want to purchase and the price now. The difference should be the same, if not in your favour. "I would say we have hit the bottom in the North East and we are starting the slow accent."

Sarah Mains, of Sarah Mains Residential, says the only way a prospective purchaser can get an accurate idea of what a property is worth is by working with an estate agent who is selling homes to purchasers who can actually complete in their area. …

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