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Teesside property ‘poised for surge’
A NORTH-EAST firm of chartered surveyors is defying the property crisis by expanding into Teesside.
Mark Stanley Estates Ltd has opened a new branch in Columbia Drive, Stockton, despite gloomy data issued this week by the Royal Institution of Chartered Surveyors (RICS) which said 49% more chartered surveyors in the region reported a fall than did a rise in new buyer enquiries.
Founding director Nick Smith, who is originally from Guisborough, believes areas of high property density in Teesside, including the undervalued TS1 postcode, are set for a price rise as canny investors move into the area. And he is looking to take on staff to cope with the anticipated surge in business.
The Government is expected to back a cross-council strategy to build more homes in some of Teesside’s most underprivileged urban areas once next month’s local elections are out of the way. The local housebuilding target is likely to exceed the Government minimum.
Mr Smith added: “Durham is a beautiful county, but has a lot of green fields. To carry out surveys I need properties and developments in areas such as Middlesbrough, which bode well for the future.
“With money being driven into Middlesbrough town centre, property prices could increase,” said Mr Smith, although he warned anyone building a portfolio not to make themselves a hostage to fortune. “A huge capital investment in one area could be risky if, for example, an anti-social event leaves that area with a stigma.”
The Consett-based firm provides residential and commercial surveys and valuations and covers Teesside, County Durham, Newcastle and the south-east of Northumberland.
Having worked in the property market since 1991, Mr Smith began his career as an estate agent in London before becoming a chartered surveyor and then a general practice surveyor.
