Property sales rose fastest in the North East than anywhere else in the UK in August this year, according to Rightmove.
The property portal’s latest monthly house price index figures showed that the number of property sales agreed in the North East was 13.6 per cent higher than at the same time the previous year.
Miles Shipside, Rightmove director and housing market analyst revealed the average time on the portal for agreeing on a sale and moving in was a little more than three months, and as a result, now was the time to get moving for those who wanted to be in a new home by Christmas.
He concluded that ‘boredom over Brexit’ had probably also played its part, even though this deadline appears to be more of a ‘do or die’ than others.
“While the end of October Brexit outcome remains uncertain, more buyers are now going for the certainty of doing a deal, with some having perhaps hesitated earlier in the year,” he added.
Average property in North East ‘up’ 2.5 per cent
Meanwhile, the average property in the North East in August was valued at £156,694 according to the Rightmove figures. The August 2019 figure is 2.5 per cent higher than in August 2018.
The price of property in the region was 0.3 per cent down on the month before. But the North East wasn’t alone in experiencing a monthly drop. The average price of property for the UK as a whole fell much bigger in August – by 1.0 per cent (or £3,192).
Property sales slowest in North East
When it came to selling (i.e. the average time it was taking for a property to sell from the minute it was advertised on the portal) it took on average 75 days in the North East. This was longer than any other region (with the exception of London). Scotland was fastest at just 44 days.
The Rightmove figures are based on more than 130,000 property prices displayed on the portal between July 7th and Aug 10th. The company claims to display 90 per cent of UK properties for sale at any given time.
North East areas where house prices are increasing
Meanwhile, areas in the North East where property prices are going up higher year-on-year than elsewhere are in the NE4 postcode region, according to figures revealed by rival property portal Zoopla in June this year.
That includes property in the likes of Arthur’s Hill, Elswick, and Wingrove. All are in the west end area of Newcastle. House owners in other areas such as Dinnington and Hazlerigg in NE13 are also seeing an increase in house values.
Other areas which have seen a positive change in house prices, according to figures from the Office of National Statistics (ONS) based on the period April to June this year, include Stockton-on-Tees (0.2 per cent), Middlesbrough (0.5 per cent) and Sunderland (2.9 per cent).
Houses in County Durham have increased by 3.3 per cent and in South Tyneside by a whopping 7.9 per cent.
Get in touch with your local property expert based in North East.