With last month marking the fifteenth consecutive month of increasing house prices, it appears that the housing market is continuing to recover and grow, with the positive effects being felt throughout the country.
According to our research into Richmondshire and the Dales, the North is beginning to benefit from improving economic conditions. Although not at the same heady level as in the South East and London, there is still plenty to be optimistic about in the regional market.
The majority of property experts from a number of estate agents surveyed throughout Richmondshire and the Dales, reported that the volume of instructions they had received over the last 12 months had increased. House prices had also returned to within 75pc-100pc of pre-recessionary values from 2008.
These positive findings complement the latest findings from Nationwide - the UK's second largest mortgage lender - that the average house value is at its highest since 2008. Despite March prices rising at a slower rate than the previous month from 0.7pc to 0.4pc, Nationwide's chief economist described the country's house price growth as showing "tentative signs of moderation", easing fears of a 'housing bubble'.
The estate agents reported that the sale of the average Band D property would take between three and six months, which is a massive improvement from when the market was suffering more than two years ago. Rural areas like Hipswell, Richmond and Barnard Castle were identified as the property hotspots, with areas such as Catterick Garrison and Catterick village not as popular.
Richmond-based estate agent, Irvings, was among the agencies experiencing such positivity, having seen the number of instructions increase over the course of the year, and the houses on its books edge closer to pre-recessionary levels. Despite seeing the number of instructions decrease over the last 12 months, Bridgfords - also based in Richmond - had also seen its prices return to 75pc-100pc of their 2008 value.
It is clear that the housing market is continuing to show signs of growth as the economy recovers, with the benefits being felt throughout the country, and not just in the capital. Furthermore, with news that the Government plans to extend the Help to Buy scheme until 2020, this will allow more people to take advantage of the equity loan offer and get on to the property ladder.
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.