Newspaper article Evening Gazette (Middlesbrough, England)

Sales on Up; Property News

Newspaper article Evening Gazette (Middlesbrough, England)

Sales on Up; Property News

Article excerpt

THE number of agreed house sales jumped sharply this month as sellers dropped their prices to shift homes which have been lingering on the market, a study said today.

Overall, house prices drifted lower in October, with a 0.1% fall for the third month in a row, despite a slight increase in the number of new buyers registering with estate agents, property analyst Hometrack said.

Hometrack said it expects estate agents to continue pushing through as many sales as possible towards the end of the year as demand from buyers tails off.

Richard Donnell, director of research at Hometrack, said the big jumps in sales were mainly down to sellers re-pricing homes that have been on the market for a while to a level where sales can take place, rather than a significant increase in demand from buyers.

Mr Donnell said that year-on-year, house prices are currently registering the lowest level of price falls for two years, with a 0.4% drop.

This was put down to a strong spring market, when the ending of a stamp duty concession for first-time buyers prompted a rush of sales, as well as prices starting to firm up in the northern regions. …

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