Posted on 15th August 2014

Cleveland Property Market Continues to Rise

Martin Williamson, Head of Residential Property

This week we continue our round-up of property data and opinions gathered from estate agents throughout the North East and North Yorkshire.

In the Cleveland area, there are plenty of reasons to be positive about the regional property market.

It was pleasing to hear that all the estate agents surveyed reported an increase in instructions since the start of the year. House prices had also returned to 75-100% of pre-recessionary levels.

Only six months ago properties would linger on estate agents' books for several months, but now there appears to be some movement. The majority of those surveyed revealed that the average sale of Band D properties ranged between three and six months, with some reporting 12 weeks as the norm.

David Holt, of Holts in Yarm, who reported that its prices had returned to almost pre-recessionary levels, is continuing to experience growth with the average property taking 12 weeks to sell. He also revealed that there were no real 'sticky' areas.

Browns estate agency also reported positive figures. Prices have returned to within 90% of the 2007 peak, with the average property taking 16 weeks to sell.

Areas such as Ingleby Barwick, Yarm, Eaglescliffe and Bishopton were perceived as some of the area's hotspots, while Grangetown, Southbank and Hardwick were experiencing less activity.

Hometrack, a property analytics company, reports that house price inflation in the UK fell to 0.1% in July, its lowest rate for 18 months, as a result of tougher mortgage lending rules. Such developments will help allay fears of the so-called housing bubble.

The latest data from Her Majesty's Revenue and Customs (HMRC) has also revealed that, in June, property sales reached their highest total since 2007 - when the financial crisis began.

109,580 sales were reported, which equalled figures from November last year, and gives further evidence that the housing market is continuing its recovery with Government schemes, such as Help to Buy, playing a significant part in the upturn.

Please note: This article is intended as guidance only and does not constitute advice, financial or otherwise. No responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by Latimer Hinks. In addition, no responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by the firm.

Martin Williamson is Head of Residential Property at Latimer Hinks Solicitors in Darlington. Latimer Hinks has a team of around 40 people serving private and corporate clients. For further information: www.latimerhinks.co.uk or call 01325 341500.