Residential property sales in the North East have escalated by almost 80% within the last year, according to reports coming out of the North-East Property Forum.
The regular meeting of estate agents in the North East, organised by The Northern Echo, found that the North East property market is showing dramatic signs of improvement, with some estate agents reporting that strong demand for property in the region has caused residential sales to surge by almost 80% year-on-year.
With the residential market improving, Tim Haggie, a senior partner at Latimer Hinks, told the forum that a growing number of people believe that now is a good time to buy property.
He said: “I think we should take great heart from the improvements being experienced,” he said.
Despite the market improvement, the forum members agreed that stringent mortgage lending conditions must ease, to ensure that the recovery is sustainable.
Ian Taylor, of Halifax, said: “We are definitely seeing green shoots but, to keep them growing, we need the lending to come through.”
Geoff Graham, of JW Wood, reported a year-on-year increase of 79% in the volume of North East homes sold between May and the end of August 2009, with over 300 properties sold.
See Also: Property News (6680)
Date Published: 01 October 2009
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