North East house prices rise by 0.2 per cent


House prices in the North East rose by 0.2 per cent during April, after Britain's housing market continued to show strong results.
New figures from Hometrack revealed national property price increases to be an average of 0.6 per cent, although this was - as usual - inflated by higher-than-average totals across London and the South East. In the North East, meanwhile, figures were closer to 0.2 per cent.
Meanwhile, the North West saw price increases of 0.3 per cent month-on-month, which was also replicated in the East and West Midlands. Yorkshire and Humberside matched figures in Wales, where prices rose by 0.5 per cent, notes.
Hometrack also revealed that most houses are now going for their total asking price, as competition among buyers had led to many choosing against doing a deal and instead stumping up the entire amount in a bid to secure their dream home.
London buyers are falling victim to this more than anywhere else and, in some locations, properties are being viewed in large groups with the eventual buyer being decided by the submission of sealed bids.
Since the start of 2014, house prices have increased by six per cent, although Hometrack has claimed that a slight cooling may be on the horizon as buyers start refusing to meet the asking price in full. There is also the issue of new mortgage regulations that may make it harder for people to secure the funding needed to buy a home.
Looking ahead, Hometrack's director of research, Richard Donnell, told "A continued improvement in the economic outlook and incomes growth is essential to sustain improved levels of market activity, but the outlook for interest rates and the willingness and ability of households to take on mortgage debt are the factors that will influence the outlook over the medium term."