October 2024 Property Market Update: How Are Property Prices Shaping Up?

As we transition into the final quarter of 2024, it’s time to reflect on the state of the property market and how prices have shifted over the past year. At NGU Homes, we’ve been monitoring the trends closely to provide insights that are particularly relevant for our landlords, buyers, and investors across the North East.

How Have Prices Changed?

In the past 12 months, the property market has faced significant shifts, especially with the fluctuation in mortgage rates and rising demand in certain areas. Nationally, we’ve seen property prices increase by 0.9% in the past year. However, in certain regions like the North East, property prices have risen even faster—up by a remarkable 5%.

This growth is especially impressive when you consider the cooling effect higher mortgage rates had earlier in the year. With the recent cuts in interest rates and lower mortgage costs, demand has surged once again. At NGU Homes, we’re seeing more buyers, both residential and investors, returning to the market, driving prices up further.

Buyers Remain Price Sensitive

While demand is increasing, buyers remain price sensitive. Despite the uptick in interest, overpricing a property can still lead to extended time on the market. This is why our dedicated sales team at NGU Homes focuses on accurate valuations that reflect the current market conditions. This ensures properties are competitively priced to attract serious buyers, leading to quicker sales and maximising value for our clients.

Growth in Sales Agreed

Sales agreed across the UK have jumped by an impressive 27% year-on-year, a clear sign that buyers are more confident about entering the market. As mortgage rates reach their lowest levels in 15 months, more buyers are securing deals that had previously been delayed. In areas like Gateshead, Sunderland, and Newcastle, this uptick is even more pronounced.

Chain-Free Properties in Demand

Interestingly, a third of homes for sale are now 'chain-free.' Investors and second-home owners are seizing the opportunity to sell due to recent and potential tax changes. This presents a great opportunity for buyers who want to avoid the delays and complexities of property chains. At NGU Homes, we have a number of chain-free properties available, and we can help match you with one of these hassle-free homes.

Key Stats from the North East Property Market

North-East: The best-performing region in the UK with prices up 5% year-on-year.

Time to Sell: Properties in the region are now selling within 52 days on average, down from 62 days at the start of the year.

Affordability: In more affordable areas of the North East, prices have risen by 2.5% over the last year, showing strong growth potential for buyers and investors.

How NGU Homes Can Help You?

Whether you’re looking to buy, sell, or invest, NGU Homes is here to support you every step of the way. We’re the experts in the North East property market, offering tailored advice and insights that help you make informed decisions.

Buyers and Investors: Explore our exclusive investment properties and off-market deals by joining our property mailing list. Get access to the latest opportunities before anyone else.

Landlords: Take advantage of our 12-Month Guarantee + FREE Management offer! Save over £1,000 with our exclusive deal that includes 3 months of free management, rental guarantee, and much more.

Now’s the perfect time to make your move in the North East property market! Whether you're looking to expand your portfolio, buy your first home, or sell your property for top value, NGU Homes is here to help.

Contact Us Today to see how we can assist you with your property goals!