Member Article

Estate agents thriving despite housing market slowdown

Even as the credit crunch hits the property market, some North East property businesses are thriving. Real estate agent Bradley Hall realised a 20% growth in its turnover this year, and Yarm-based Homes and Finance saw a rise in the amount of properties let out. At the same time, a North East online real estate agent is trying to conquer the market by introducing a flat fee to all sellers.

Commercial property business Bradley Hall Chartered Surveyors has seen an increase in residential sales at both its Gosforth and Durham offices. Director, Neil Hart, said: “At Bradley Hall our instructions in the commercial property sector are up by 40% and we have seen a large increase in instructions on high value homes at the top end of the property market. Our aim is to continue to grow the business in the luxury end of the residential property market.”

Rise in rentals

Estate agent Homes and Finance is reporting that more people than ever are letting their homes. Although the business in Yarm has seen the market start to pick up since June, they have also seen a steep rise in the number of people becoming ‘accidental landlords’.

The company says that many homeowners are opting to rent their properties while they wait for it to sell, so that they can move into another home in the meantime, and Homes and Finance has seen its lettings rise by 35% compared to this time last year.

Another contributory factor is that mortgage approvals are falling. Nationwide has recently revealed that mortgage approvals have dropped by 64% in the last year.

In the Tees Valley, Homes and Finance has found that more people than ever are seeking to rent large or character properties, which would usually sell for in the region of £400,000, in areas such Yarm, Kirklevington, Wynyard and Middleton-St-George and villages such as Hilton and Stainton on the outskirts of Middlesbrough.

Flat fee online

Four weeks ago online estate agency ultimatehomesandfinance.co.uk. was launched. The Stockton-based company introduced a â?¤495 flat fee to all customers selling their homes - regardless of the property value.

The company’s director, Ronnie Davison, said: “Ultimate Homes and Finance has decided on a flat fee for all with no hidden costs and all the other services needed are there by choice - this can save sellers thousands of pounds and let’s face it, homeowners deserve some good news at the moment.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .