The housing market both nationally and regionally is continuing to improve with very little sense of any waning positivity.
The prospect of an interest rate rise at some point over the coming months is however likely to curb demand. Meanwhile, there is evidence, according to the latest Halifax house price index, that more second-hand properties are coming on to the market, as well as increased numbers of new homes. Despite stricter mortgage lending rules being enforced, the Council of Mortgage Lenders (CML) revealed that mortgage lending in July reached its highest level since August 2008 rising to £19.1bn a 15% increase from the same time a year ago.
A 25% rise in the number of property transactions for the first six months of the year has also been reported, which further highlights the positivity surrounding the property market, as a whole.
As we turn our attention to the Hambleton property market, in what is the final instalment of our current research into the regional property markets, it has become clear that the region is responding to the national atmosphere of positivity.
It is particularly encouraging to hear that all estate agents surveyed have experienced an increase in the number of instructions they had received in the previous 12 months.
Although there were mixed responses with regards to the timescale between advertising and the sale of the average Band D property on the estate agents books, the figures are far better than when properties would struggle to sell during the financial crisis.
Seventy five per cent of respondents said that it was taking less than six months but more than three to sell, while the remaining quarter were averaging 12 weeks or less. House prices had also returned to within 75 to 100% of their pre-crisis peak from 2008.
Stanton Mortimer, the Northallerton-based firm of chartered surveyors, which has been seeing its average property sell within 12 weeks, has experienced much positivity over the last 12 months. The firm also reported that Northallerton was proving to be a more popular destination than some of the surrounding villages. Northallerton, Romanby and Bedale were identified as the property hotspots, while areas such as Ripon werent as prominent.
A rise in the interest rate will most certainly play a part in how the national property market shapes up in the future but, for now, the regional property market and Hambletons, in particular, is faring well.