Partner Article

The North East's housing market will see brighter times ahead in 2014

The housing market in the North East of England is now finally showing signs of improvement, with consumer confidence across the region returning rapidly.

The introduction of the Government backed Help to Buy schemes has resulted in increased mortgage approvals and created an extended period of low interest rates, which is great news for first time buyers in and around Newcastle and Sunderland. Additionally, we are pleased to report increased levels of house building across the North East, which has in turn created further supply of new and affordable housing.

The shortage of available housing has been an issue for many years in our region so we are pleased to see an increased number of affordable properties popping up across the market.

Zoopla has recently reported that 84% of people in the North East expect property prices to rise in the coming months. Similarly, the Independent recently reported that North East house prices have risen 2.2% since 2008. Whilst this is a small percentage when compared with other parts of the UK, it is still encouraging to see signs of growth, which we predict will increase further next year.

The outlook for 2014 is certainly looking rosier than it has been for some years- which is something homeowners in the North East can really look forward to next year.

In other good news for the region’s homeowners, Newcastle City and Gateshead Councils are also fully committed to improving the North East housing market and are currently finalising plans to build tens of thousands of new homes across the region in the next few years. This will also open up Green Belt land for development, with plans set to be finalised in the early part of next year.

Our Newcastle branch has seen record levels of enquiries coming in on a daily basis from potential homebuyers. Many of our clients are either looking at their first home or planning to move up the ladder, which is showing us that confidence is certainly returning to our housing market, despite restrained predictions from some local estate agents. We opened our branch here earlier this year in response to the high demand from first time buyers in the local area and have since been working with aspiring homebuyers to help them realise their dreams of homeownership.

Favourable market factors will continue to make this possible as we go into the New Year, but low rates won’t stick around forever. Come and pay us a visit to take advantage of the best deals the market has to offer.

We have all the tools you’ll need to get your foot on the ladder next year and what’s more- our whole of market, impartial mortgage advice won’t cost you a single penny.

This was posted in Bdaily's Members' News section by Ben Riley .