Newspaper article The Journal (Newcastle, England)

Confidence Returning to Property Market

Newspaper article The Journal (Newcastle, England)

Confidence Returning to Property Market

Article excerpt

Byline: Francesca Craggs

OPTIMISM among North East surveyors that house sales will rise in the coming months is at its highest levels in at least 14 years.

There were sure signs that confidence has returned to the property market, with rising sales expectations and increased demand.

According to the latest RICS Residential Market Survey, the housing market in the North East continued to show signs of recovery during June.

Chartered surveyors in the region expect home sales will rise over the coming three months, with a net balance of 42% more respondents - up from 38% in May - predicting sales will increase. This is the most positive reading since July 2012.

RICS North East spokesperson, Richard Sayer of Rook Matthews Sayer estate agents, said: "Activity has been consistently up for 18 months. June proved to be the best month for instructions, sales and enquiries for a very long time. This ongoing improvement echoes that of the commercial property markets which are at their most upbeat for two years. Now is clearly a good time to consider your property needs."

This rise in sales expectations has mainly been fuelled by increasing numbers of prospective buyers returning to the market. Last month, a net balance of 45% more chartered surveyors in the North East reported a rise in new buyer enquiries. In a clear sign that market confidence is gradually being restored, and that funding schemes are making a difference, demand from prospective buyers has improved steadily in the past four months.

Reflecting this slightly more positive mood, the average amount of stock per chartered surveyor in the North East was 94 last month - an increase on June 2012 when respondents reported 86 homes on their books. This is a clear sign that sellers are continuing to return to the market and more choice of homes is available for residents across the region. …

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