May Property Market Update
May Market Update...
May promises to be an exciting month with the historic event of the Coronation this weekend. Alongside decorating our offices and as a way of marking the Coronation, we are donating to the Prince’s Trust. The Prince’s Trust has supported over one million young people across the country, including right here in the North East since it was established nearly fifty years ago by the then Prince Charles.
The property market continued to move in April, and we continue to see interesting developments; there was a reduction in new properties coming onto the market for sale, whilst demand for properties continues to show no signs of slowing down. Historically around 50% of properties which came on the market used to sell; sometimes, sellers would change their minds about moving, would not achieve the price they wanted etc. and would take the property off the market. But, currently, we are seeing around 70% of properties selling.
The rental market also remains strong at the moment; in April, we saw an increase in rentals of 20% against previous years, which is positive for both landlords and tenants as it shows an increase in the number of rental properties available for tenants.
There is some talk about the introduction of a ‘help to buy’ scheme. There have been many different schemes aimed at helping first-time buyers onto the housing ladder in the last few years, and the jury is still out on their effectiveness!
Whilst all of our high street offices are closed on the May Bank Holidays (Tuesdays are the new Mondays, it seems!), our Regional centre is open every day this month. They can arrange viewings and valuations for both sale and rental, provide feedback, and negotiate offers. They can be contacted on 0800 24 24 26, or calls will automatically divert from our direct branch numbers.
If you are considering selling or letting your property in May, contact us to arrange a Free valuation.