June Property Market Update
June Market Update...
May was a month where most people effectively adopted a four-day working week thanks to all the Bank Holidays! However, we still managed to sell and rent properties!
There are often conflicting reports in the newspapers about the property market, property prices and number of properties sold. Today I read three articles giving three different opinions about the market based on different data. There is no denying the fact that interest rates have risen, and the monthly mortgage repayments are higher now than they were last year or two years ago, for the same amount of borrowing; however, buyers are factoring that in when they are offering on properties.
It is always important to compare information with previous months and years. Last month we sold close to the same number of properties as we did in May last year, and this was actually 25% up on sales in 2019 (before the market started to race upwards). Year-to-date sales are down slightly on last year but up on pre-covid levels.
We are proud to be a North East business and I am passionate about the region, one of the greatest assets other than the people, the coastline, the industry and the football teams is the fact that property prices are affordable. When buying or renting a property, if buyers and tenants are prepared to be flexible on area or property type, they can normally find a property within their budget which fits their needs.
There is still a good level of demand for sale and rental properties across the North East, there is a shortage of properties coming on to the market in some areas. We still have strong demand for properties of many different types across the region with family homes, buy to lets and holiday homes very popular.
If you are thinking of selling or letting your property, please get in touch with your nearest Pattinson office.