One of the North East’s leading property experts has claimed that Newcastle’s diverse property market is still seeing record levels of interest.
Matt Hoy, director of estate agency at Bradley Hall, said a combination of limited supply and increased demand has led to a sustained period of growth in the North Tyneside market.
He also believes that the strength of the Newcastle market could mean that any possible slowdown in house buying – as the cost-of-living crisis starts to buy and demand eases off from record highs - would have less of an impact than in some other areas of the country.
“The Newcastle property market is, as I imagine is the case for much of the UK, extraordinarily supply scarce at a time of heightened demand,” Hoy commented.
“Homes across all price points and specification levels have been seeing record levels of interest and bids to reflect this.
The Rightmove House Price Index published in July reports buyer demand being up 26% on June 2019’s levels, but down 7% on last year’s frenzied market, when the stamp duty holiday was still in force.
“I think the North East offers a market of some resilience, though, and if this period of unbroken growth does come to an end, I suspect any downturn will be less palpable here than in regions further south,” he said.
“Newcastle’s property market is rather like its people; diverse, resilient and certainly never dull.”