August Property Market Update

August Market Update...

From the level of rain we have experienced in the last few weeks, it seems like summer has been and gone! 
 
In July, we celebrated 46 years of Pattinson Estate Agents with a family party for staff and their children and, later in the evening, a party just for adults. We are a family business, and our staff and their families are a key part of our success. It is our team who go out and value properties, accompany viewings, and negotiate sales and rentals. They manage properties on behalf of our landlords, and there is a large support team behind the sales teams who work tirelessly to help them and our customers. Staff parties are a way of celebrating success and saying thank you. We have a number of members of staff whose children, partners and extended family work with us as well.
  
The number of properties which came onto the market in July for sale increased compared to last year, and the number of properties we have sold was virtually unchanged. We did frustratingly see a few more sales which fell through due to issues with mortgage lending or changes in personal circumstances, but this was negligible. There is still a strong demand for properties across the North East, and we are seeing prices holding up.
  
A shortage of rental stock is an ongoing problem; tenants are staying in properties for longer and fewer properties are becoming available. It is good news for landlords as rents are increasing in many areas as more tenants compete for fewer properties. If you have a rental property which may be coming available soon, please contact your nearest Pattinson office. We will happily help you find a new tenant as we have lots waiting!
 
Overall I remain confident and optimistic about the property market for the upcoming months, we can’t predict what will happen in the future, but so far, plenty of people are still looking to buy and rent properties.

As ever we are more than happy to provide a FREE market appraisal for anyone who is considering selling or letting their property.

Best Wishes,

Caroline Pattinson

Managing Director