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More buyers and sales drive forward North-East's housing sector
THE North-East's housing sector has improved again with increased buyer demand and more people looking to sell their homes, a new report has said.
The Royal Institution of Chartered Surveyors (RICS) says there was a 20 per cent rise in the number of would-be buyers looking to enter the market in August, with the North-East seeing one of the highest rises across the UK for new homes coming on the market.
The RICS residential market survey said it expects North-East house prices to continue rising, with surveyors expecting sales to increase as market confidence grows on the back of the housing market's strongest performance for five years.
Earlier this year, the UK's biggest housebuilder, Barratt, founded by the late North-East property tycoon Sir Lawrie Barratt, reported increased sales.
The company sold 13,663 homes in the year to the end of June, with sales 54 per cent higher at £829.7m, with bosses citing the Government's Help to Buy scheme, which allows people to buy a property with a five per cent deposit, for helping buyers back into the market.
Taylor Wimpey, Redrow and Galliford Try also reported increased profits.
Peter Bolton-King, RICS global residential director, said the housing sector was slowly rebuilding, but warned that while it was positive to see prices rise, the market must remain affordable.
He said: “It’s not surprising that more and more people are looking to sell their homes.
“The buyers are out there and prices are on the up so if you’re looking to move it’s a good time to do so.
What we don’t wish to see, however, is prices rise to such an extent that they become unaffordable.
“For the market to work properly, it’s vital that property is both accessible and affordable, and we’ll be monitoring the situation very carefully as the housing sector continues to recover.”
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