North East house sales steady but prices drop

House sales in the North East held firm last month, the September Residential Market Survey by the RICS (Royal Institution of Chartered Surveyors) said

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House sales in the North East held firm last month, the September Residential Market Survey by the RICS (Royal Institution of Chartered Surveyors) said.

The average amount of properties sold per chartered surveyor in the three months to September stayed at 16. Prices dipped with 9% more respondents reporting falls rather than rises and the North East is currently the only UK region to see prices drop.

Predictions for future growth are relatively upbeat and a net balance of 34 % more respondents expect the number of transactions to increase further.

Peter Bolton King, RICS Global Residential Director, said: “It’s encouraging that the market is starting to improve in all parts of the country. Even so, it’s a big concern that the supply of property coming to the market is lagging so far behind demand.”

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