Is it still a buyer’s market today in the North East? As experts in the north east property market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
The State of the Market for Buyers in the North East
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same thing – good areas, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.
But for apartments or townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of the North East, but seem to be rebounding as the rental market increases.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in UK property has impacted the North East market in unique ways.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing is still a major obstacle for buyers. With the end of coronavirus in sight, banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before completion, although it’s getting better than it was just a couple of years ago.
Overall the markets remain incredibly polarised – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the UK economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in the North East because we believe in the community and the people here.
If you need to sell a property anywhere in the North East, we can help you.
We buy properties like yours from people who need to sell fast.