Region’s property prices ‘remain resilient’
NEW research has confirmed the Northern housing market is out-performing the rest of the country, save for Greater London.
Property website Rightmove.co.uk’s House Price Index revealed prices in the North rose by 2.1% from December to January, bringing the average house price in the region to £154,879 and the annual rate of increase to 0.8%.
But nationally, the average value of property in the UK had decreased by £1,968 or 0.8% during the same period, reducing the annual change to 3.4% - the lowest since December 2005.
The North-west was the only other region to achieve a positive monthly growth (0.3%) and East Midlands suffered worst with a decrease of 6.1%.
David Copland, marketing and communications manager at Darlington Building Society, said: “As average house prices in our region remain lower than all other areas in England and Wales, affordability remains less of an issue.
“House prices in the North are likely to remain more resilient than in other regions where prices have risen at a faster rate over the past few years, making the North in general and the North-east in particular an excellent place to live and work.”
Rightmove reported January showed signs of a market recovery as falling interest rates and lower prices sparked a new wave of buyer interest.
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