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House prices continue to rise

North East property sales edged up further in April, albeit from historically low levels, says RICS’ (Royal Institution of Chartered Surveyors) UK housing market survey published last week.The region’s chartered surveyors are now reporting average sales of 12 transactions per month, up from 10 in March. Nationally, the average number of transactions per agency (over the last three months) is now at 10.6.

Confidence in the North East market is continuing to translate into sales for the fourth consecutive month in April. The region’s chartered surveyors are also reporting an optimistic outlook for the next three months.

Richard Sayer, RICS North East housing market spokesperson, said: “It is clear that confidence is continuing to improve – slowly but surely. Sales were up sharply in March and April from the very low transaction levels witnessed throughout 2008. The market is experiencing what we hope is a sustained improvement from last year and we’re certainly witnessing more viewings and new application registrations as sellers and buyers are choosing to get on with their lives.

“What we need now is new mortgage products to plug dome of the obvious gaps. The first day marketing requirements of HIPS brought in on 6th April are an unhelpful penalty for sellers, buyers and agents alike but with property prices heavily reduced and increased availability of low cost mortgages, this is actually a very good time for many would-be homebuyers to at least consider their position.”

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