ALMOST half of properties in some North-East towns are being sold below the asking price, new research shows.

Findings from property firm Zoopla show almost 46 per cent of homes in Darlington and County Durham are sold below their market value, whilst in Middlesbrough, the figure stands at more than 42 per cent.

Stockton has just under 40 per cent of homes sold under their asking price, which along with South Shields (44 per cent), means there are four North-East towns in the top six areas across the country where homes are undersold, according to the research.

However, Henry Carver, valuer at Nick and Gordon Carver Estate Agents, said it wasn’t all “doom and gloom” for Darlington.

“I disagree that the Darlington property market is struggling,” he said.

“I concede that there are certain areas which are less attractive to buyers, therefore asking prices may not always be achieved.

“Conversely there are areas of high demand, due to school catchment areas for example, which would see asking price achieved more often than not.”

Mr Carver said of all of the offers accepted in 2017, the estate agent has managed to achieve an average of more than 97 per cent of the asking price.

“It really boils down to the original advice at the valuation stage,” he said.

“Due to strong competition, we are coming across other agents, such as new starters, who are trying to win business by overvaluing, thus affecting the chance of the property achieving the asking price.”

The findings come as property market analysers Hometrack says house price growth in Newcastle had lifted to levels not seen since 2005 – with prices up by 5.6 per cent year-on-year, a higher rate than London.

The organisation said dynamics in the housing market were “shifting” as attractive housing affordability together with record low mortgages rates was helping demand in cities outside southern England.

A spokesperson for Hometrack said: “Buyers outside the South appear to be shrugging off concerns over Brexit and a squeeze on real incomes to take advantage of low mortgage rates.”