A LEADING North East and North Yorkshire property service has predicted that the region housing market will remain buoyant despite predictions that growth nationally will dip.

Ben Quaintrell, founder and managing director of the Darlington-based estate agent, said that many "levelling up" initiatives across the region will ensure demand for property remains high.

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He argued that "offers are being accepted on homes within days of them being advertised" due to "demand far exceeding supply."

He said: "There is a real buzz about the property market across the region – and that’s before the Treasury’s move to its northern campus in Darlington.

"This, along with other exciting developments, including Teesside Freeport, should largely insulate the housing market locally.”

Mr Quaintrell was speaking after mortgage lender Halifax revealed that UK house prices rose at a faster rate in 2021 than any year since 2004, with an average property costing £276,091 in December, a rise of £24,000 over the year.

It said the record house prices were fuelled by buyers seeking more space during lockdown, combined with the low cost of borrowing and stamp duty holidays.

However, it is now predicted that growth in property sales is expected to slow this year, dampened by higher mortgage rates and cost of living increases

Mr Quaintrell added: “Looking to the next five years, the market will continue to grow, but the record rise in values we have witnessed recently may become more modest.

“However, here in the North East and North Yorkshire, there continues to be a lack of properties being listed and I expect demand will remain high as the region continues to boom.

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“January is traditionally a quiet time for property sales but there is no sign of a fall in demand. It remains a strong sellers’ market.

“Some potential buyers give up as they believe there is too much of a financial gulf between the value of their own home and a larger property. However, they don’t realise their own home has risen in value."


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