Region’s house sales surge by 80 per cent (From The Northern Echo)

Region’s house sales surge by 80 per cent

9:52am Thursday 1st October 2009 in

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THE North-East property market is showing significant improvement, with some estate agents reporting an increase of nearly 80 per cent in sales compared to last year.

That was the positive news to emerge yesterday from the North-East Property Forum, a regular meeting of estate agents from around the region, organised by The Northern Echo.

Chairman Tim Haggie, a senior partner at Latimer Hinks, which sponsors the forum, said people were recognising that it is a good time to buy, describing increases in sales reported by some agents as “amazing”.

“I think we should take great heart from the improvements being experienced,” he said. Despite the upturn, forum members said lending restrictions at the banks remained an issue.

Ian Taylor, of Halifax, said: “We are definitely seeing green shoots but, to keep them growing, we need the lending to come through.”

Geoff Graham, of JW Wood, reported a year-on-year increase of 79 per cent in net sales between May and the end of August, on volumes of 300-plus properties.

Steve McOwan, of McOwan & Co, added: “There has certainly been an improvement in activity over the past eight weeks. People who were sitting on their hands for the past 18 months are now looking to buy.”

The residential agents repeated the message of previous forums that realistic pricing remains the key to sales.

Meanwhile, commercial property agents reported a quiet summer holiday period, but inquiries were starting to pick up.

Nick Carver highlighted mounting debts from student loans as a looming problem for the first-time buyer market.

Forum members who were at the meeting were: Residential – Steve McOwan, of McOwan & Co; Geoff Graham, of JW Wood; Nick Carver, of Carvers; Simon Wright, of Robinsons; Simon Bainbridge, of Smiths Gore; Russell Hartshorn, of Northgate, and Ian Taylor, of Halifax.

Commercial – Tim Carter, of Sanderson Weatherall; Mark McKelvey, of GVA Grimley; Michael Stanton, of Stanton Mortimer.

New build – David Smith, of Shepherd Construction.