More affordable homes are being put up for sale across the North East, according to the latest report.
Figures from Experian’s Property Index show that the number of homes valued at under £100,000 on the market have risen by 55% over the past two years.
The statistics also show that, contrary to national trends, the region also saw an 11% rise in the number of high end properties being put up for sale.
Jonathan Westley, managing director of consumer information services at Experian UK & Ireland, said: “The final few months of the year are generally slower than any other time of the year, but we are also comparing it to a period in 2012 that saw an unusually high number of properties coming onto the market for sale.
“If the fall in homes for sale continues and the government’s ‘help to buy’ scheme kicks in, then those people hoping to get onto the property ladder will need to be ready to put an offer down as soon as they find the house they love. That means having a mortgage in principle already agreed or they could miss out.
“We know that lenders are taking steps to fully understanding a person’s financial position in order to make fair and responsible decisions about lending to them.
“We can help potential home buyers prepare for this, presenting themselves in the best possible light to lenders to be eligible for a mortgage.”
Nationally, the report revealed that there were 13% fewer homes on the market to buy in October, November, and December compared to the same quarter in the previous year.
It also showed that the biggest fall in properties for sale was led by homes valued between £100k and £250k, which were down 15%, compared to the same period in 2012.
This was followed by homes priced between £250K to £500K, which fell by 12% and 13% retrospectively.
Nationwide, the number of more affordable homes, priced at less than £100,000, fell by 6%.
The news as banks and building societies reported that first-time buyers are “driving” the housing market as the number of people taking their first step on the property ladder continued to run at a six-year high in December.
The total number of loans handed out to this sector last year rose to 268,800, marking a 23% increase on 2012 and the highest number since 359,900 first-time buyer loans were advanced in 2007, according to the Council of Mortgage Lenders’ (CML) figures.