Teesside home sales are stable
CHARTERED surveyors have reported falling house sales - but estate agents say house prices on Teesside have remained stable.
The Royal Institution of Chartered surveyors (RICS) says demand slipped and the number of properties on the market continued to rise. In July, 19% more North-east surveyors were reporting price falls than increases - reversing the previous month’s trend when a balance of 3% said prices were on the up.
Sales fell sharply in July, down to -25% from 20% in June, according to the survey - but sales expectations in the region remained high at 39% and new instructions continue to grow at 61%.
RICS said the North-east results were in the line with the national picture.
Simon Brown, of Brown’s Estate Agents, said: “House prices have remained stable on Teesside, we haven’t really seen the rises that other areas claim to have had. More properties have come onto the market, which could be a combination of HIPs being scrapped and people waiting for the election. We’ve seen a decrease in activity but there’s a good supply of houses out there.”
Nationally, a balance of 8% reported falling prices - the lowest reading in more than a year - while the only regions to see material price rises were London and the North-west.
RICS said the survey findings painted a mixed picture in the North-east.
Richard Sayer, the organisation’s North-east housing market spokesman and a partner in estate agency Rook Matthews Sayer, said: “Stock is increasing, enquiries remain at reasonable levels and both sellers and purchasers are more realistic in their expectations.
“However, there remains an air of uncertainty and lack of confidence to lift transactions closer to historically ‘normal’ levels.”
He said better lender products were vital to stimulate the market.
The research indicated the housing slowdown was driven by uncertainty caused by the Budget.
