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North-East Property Sales Rise, Decline Elsewhere

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Tue 14 Nov 2017

North-East Property Sales Rise, Decline Elsewhere

Hull estate agents may be among the UK’s only property sellers to record a rise in house sales last month, as figures show that while the north-east saw positive activity, the market has stalled across the rest of the country.

According to the latest figures from the Royal Institution of Chartered Surveyors (Rics), property sales across the UK were flat or negative last month, apart from in the north-east of England, Wales and Scotland.

Interest from buyers has declined somewhat, with Rics chief economist Simon Rubinsohn commenting that prices are under pressure and properties are increasingly selling for less than the asking price.

“The combination of the increased cost of moving, a lack of fresh stock coming to the market, uncertainly over the political climate and now an interest rate hike appears to be taking its toll on activity in the housing market,” he said.

Rics’ parliamentary affairs manager Lewis Johnston said that the figures suggest a greater focus on housing from the government and called for ministers to lift the housing borrowing cap to support all councils in funding the construction of new homes.

Despite the statistics, mortgage lender Halifax recently revealed that house prices across the country are rising at their fastest rate since the year began.

 

Values were up 4.5 per cent in the three months to October compared with last year’s figures, which the company attributes to a shortage of homes on the market. Between September and October, the average house price rose 0.3 per cent to a record high of £225,826.