January Property Market Update


2023 was a year which saw continued confidence in the property market. Sales agreed in our branches in December increased by 80% compared to December 2022. We were selling properties right up to New Years Eve and I am delighted to say 2024 has started with a bang as well. 

In December we saw an increase in sales listings of over 20% compared to last year, whilst the demand for rental properties is still strong, we saw a drop in the number of new rental properties which have come on to the market and rents therefore continue to increase as demand is far outstripping supply.

Last month we supported Cash for Kids/Mission Christmas and it was absolutely overwhelming to see how generous staff, customers and people in our local communities were dropping gifts in for children.   Over 41,000 children received gifts via Mission Christmas, when we delivered all of the gifts to the warehouse and saw the scale of the operation it was unbelievable.

A huge thank you to everyone who dropped gifts in to our offices or made donations online.

As I mentioned earlier  the market is off to a flying start in 2024 so I do believe now is still a good time to list your property for sale or rental as we have lots of buyers and tenants looking. If you would like a free confidential valuation please contact your nearest Pattinson Branch.

Interest rates on fixed rate mortgages have started to come down which is good news for buyers, homeowners and landlords. We have seen an increase in the number of people speaking to our independent mortgage advisers who are able to compare rates offered by a large range of different lenders.

I would like to take this opportunity to say thank you, to all of our customers who chose to buy, sell or rent through us in 2023 and we look forward to continuing to work with you in 2024. In 2023 more people trusted us to sell their property than any other agent in the North East and we sold more properties in the North East than any other estate agent. 

Finally, I would like to say thank you to all of the Pattinson Team who work tirelessly to help keep the market moving no matter what is happening in the economy or pandemics,  their focus every day is to try to help as many people as possible buy or rent properties.  We won a number of awards last year for sales and lettings and property management and that was all thanks to the hard work and dedication of the Pattinson team.