Many reports have continued to suggest a ‘north/south’ divide in the UK property market. Research often suggests that prices in the North are falling faster than the South, with less property being sold. But, is this the real story?
Here’s our guide to the current property market in the North East of England.
House sales in the region falling
New figures from the Halifax show that the number of residential property sales in the North East fell by 5.7 per cent in October. This is the second consecutive fall and sales in the region have now dropped to their lowest level since January 2010.
However, sales are still up year on year, with 17.3 per cent more sales last month than in October 2009.
In Newcastle, house sales fell by 6.8 per cent, compared to a 4 per cent rise in the UK as a whole.
Fall in number of vendors putting homes up for sale
As well as a reduction in the number of properties sold, vendors are also increasingly reluctant to even put their properties on the market. October saw 23.2 per cent fewer properties being put on the market in the North East – the fourth consecutive month that the number of homes coming up for sale has fallen.
Vendors have to reduce prices to sell
Further research also shows that North East vendors are being forced to reduce the asking price of their home to secure a sale. The number of sellers in the UK who have had to drop prices at least once since they put their home on the market has risen to over a third (36.4 per cent) – up 13 per cent in the last quarter.
The North and North East have also had to endure the highest average price reduction. Newcastle vendors had to reduce their asking prices by an average of 7.13 per cent to secure a sale – second only to the city of Manchester.
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