Looking up on the property market
TEESSIDE’S housing market is on the up.
Estate agents have reported a rise in people viewing and buying homes, following a sharp drop in house prices across the Tees Valley.
But following a 1.5% base rate drop by the Bank of England last week, many high street banks are not passing the savings on to their customers. Some tracker mortgage offers, which operate below the base rate, have been pulled along with other good deals.
Michael Poole said the media spotlight was partly to blame for the recent poor sales. “The minute the national media took its eye off the market, things picked up.
“We are looking at a happier market now compared with a month ago, even though we’re going into the winter period. Investors are also returning to housing because they’re getting nothing for their money elsewhere.”
Ian McClelland, from Thirlwells Estate Agents, said: “In October, we saw an increase in the people enquiring, logging on to the website and requesting viewings. We sold about 10-15% more houses, and this in a time of year that historically is quiet for us.
“Thankfully, at long last things are picking up. For the last year, the steep rise in house prices meant people who wanted to move were stuck.”
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