As 2022 comes to a close, I have had time to reflect on what has been a very interesting and another successful year within the North East property market.
The frenzy of activity that we have been experiencing over the past 18 months does seem to be finally easing, which will offer some comfort for home buyers in that competition levels have reduced. That being said, we are still seeing positive levels of activity within all sectors of the market, however there are some obvious affordability concerns, particularly for those with higher levels of borrowing and we have started to see buyer numbers lessen.
The number of mortgage products available is beginning to recover, after the widespread withdrawal that followed the mini budget which sent waves through the financial markets, and we are now starting to see a reversal in the upward trend, with most drifting downwards as things stabilise.
There are some signs that house prices have begun to settle throughout the region, which is understandable, however it is worth mentioning that we have recently agreed several sales within the last few weeks at excellent levels for a variety of clients at all different price points and we still require more homes to sell.
The prime areas of our beautiful region are still receiving a great deal of interest and we still have several buyers who are focused on moving home within the next 6/12 months.
When it comes to selling your home, the most important and current factor in achieving a positive sale is still pricing strategy. My advice is to price your home realistically to attract the right level of buyers which will allow our expert team to negotiate an offer that will be acceptable.
Should you wish to discuss your own home move or if we can be searching for a new home for you then please don’t hesitate to speak to the team on 0191 213 0033.