Around 19 home sales made per North East surveyor in Q1
Each surveyor in the North East sold an average of 19 homes during the last quarter, new data reveals.
According to thenorthernecho.co.uk, the report from the Royal Institution of Chartered Surveyors (RICS) shows that across the UK, the average number of homes sold per surveyor was 22.7 in Q1, showing the North East is performing well. Moreover, 40 per cent of surveyors say they experienced new buyer enquiries over the same period.
House sales for the whole of the UK reached their highest level in six years. However, there is some concern that demand continues to outstrip supply. Last month, only seven per cent of North East surveyors reported they had new homes coming onto the market. In February, 21 per cent of surveyors said the same.
Simon Rubinsohn, RICS chief economist, says the market "desperately" needs more homes, otherwise property prices will continue to rise.
"Now that the housing market recovery is well and truly underway and mortgage finance is more readily available, buyers seem to be looking to test the market right across the country," he explains. "That said, it is a major concern that we are not seeing enough houses coming onto the market."
He adds that if prices continue to rise, many first-time buyers are going to struggle to purchase their very own home, reports theguardian.com.