Signs of recovery in the housing market as deals show rise again

Apr 15 2009 by Iain Laing, The Journal

CONFIDENCE in the region's property market seems to be slowly returning as the number of deals rose again last month, although the road to recovery appears to still be a long one.

Continued buyer interest in the North East housing market is finally translating into sales, according to the RICS (Royal Institution of Chartered Surveyors) UK Housing Market Survey.

Newly-agreed sales increased rapidly in March and at the fastest pace since October 2006 with 31% of North East surveyors reporting new transactions and confidence in the sales outlook up for the third consecutive month nationwide.

The North East was the most optimistic region of the UK with 42% of surveyors reporting positive prospects for the three months ahead, up from 14% in February.

And the survey found inquiries in the market increased for the fifth consecutive month with 41% more North East chartered surveyors reporting a rise than a fall in new buyer inquiries.

And the average number of sales in the region, 10 per agency per month, is also slightly higher than the national average.