North East housing market boosted by home-based workers seeking neighborhood

A North East real estate agent says home sales in the area are above pre-pandemic levels, with demand outstripping supply, in part as people move to the area during the pandemic.

Caroline Pattinson, managing director of family estate agency Pattinson, said the pandemic has led owners and buyers to reassess their lives, which has led to a competitive market across the UK.

The company, which has 26 offices and is headquartered at the Silverlink Business Centre, has offered homes and properties for sale, rent or auction across the region since 1977, and Ms Pattinson says the local market has become very competitive then. people are looking to move. North.

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Last year, she said the company’s sales rate was 30% higher than in 2019, supported by rapid sales as well as a strong investment market.

She said: “The demand for properties far exceeds the supply. Many properties are attracting offers from multiple buyers within days of going on the market and there is also a shortage of rental properties.

“We are seeing demand from many different buyers, homeowners looking to move up the ladder, buyers moving to the North East from other areas.

Caroline Pattinson

“Remote working is certainly driving this for some, as property prices in the North East remain below the national average, properties are considerably more affordable in the area and if proximity to the desktop is no longer a consideration, buyers have more flexibility in locations.

“Many people’s priorities have changed and being closer to family is driving demand for properties in some areas as people choose to move closer to family or return to their roots.

“We are also seeing strong demand for investment properties as rental yields in the North East remain high and demand for rental properties is strong.

“The second home and holiday rental market is strong and we have seen many cash buyers competing for properties in Northumberland, particularly in rural and coastal areas. Programs such as Hairy Bikers, Robson Green and Vera showcased the area’s fantastic scenery and a rise in the popularity of “staycations” sparked increased interest among people looking to buy vacation homes both for themselves- same and to rent them.

His comments came as Pattinson released accounts for 2020, showing how turnover rose 14% to £9.23m despite the challenges posed by the pandemic, including the initial closure of its offices. for the first six weeks of lockdown. Operating profit also jumped from £108,264 to £1.64m. Final profit for the year fell from £202,778 to £1.33m

Commenting on the year of accounts, Ms Pattinson said: ‘2020 had started off as a really positive year with increases in sales and lettings in January and February, the brakes were temporarily put on as we entered national lockdown , but restrictions were lifted on the real estate industry in mid-May and the market rebounded.

“Introducing the stamp duty holiday was in my opinion unnecessary as the market was strong before the lockdown and it had already rebounded as soon as the market reopened. Although there was pressure for some transactions to meet the date limit, since the end of the holidays, the market has remained strong, with demand exceeding supply.

Ms Pattinson also paid tribute to the company’s staff.

She said: “We have been fortunate to be able to work from home with relative ease. Our computer system and phones are cloud-based, so we had staff working from their kitchen tables, spare parts and even a shed selling and renting properties.

“I’m delighted to say that in 2021 our results have improved over 2020 and again that’s largely thanks to the team we have who have worked tirelessly and dug deep every time they come. needed it.”

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