Teesside real estate agents had their “best business numbers in 25 years” – with a “bonkers” housing market and prices rising “15% or more”.
This is the boost the Teesside real estate market has been waiting for “years”, with up to 35 people wanting to see a property “within hours” of it being put on the market.
More people across the UK are shopping on Teesside than ever before – with the UK’s most viewed house on Rightmove right on the doorstep.
Read more: Go here for the latest news from all over Teesside
The stamp duty holiday that started the market is now over.
But real estate agents expect the boom to continue – for now at least – thanks to a mix of low interest rates and changes in people’s lives since covid.
And increased net worth – like some homeowners haven’t seen since the peak of 2006.
“The market has been crazy and still is,” says John Newhouse, director of Stokesley-based Roseberry Newhouse.
“Home prices have increased by at least 10% since March.
“We’ve had a pretty huge month, with those trying to get things done for the stamp duty holiday ends on September 30th.
“For every house we built, we had up to 35 people who wanted to see in a few hours – and the same kind of numbers for rentals.
“In most cases, the property is sold for the asking price or more.
“The underlying problem is the lack of stock.
“At Stokesley, we’ve gone from about 60 or 70 properties to about 10 because the houses are sold and not replenished.
“When I watched the news in March of last year, it was heartbreaking – I thought ‘what are we going to do on Earth’.
“Then when we reopened at the end of May, the market went crazy.
“We organized 150 viewings in the first 24 hours.
“We started to see prices go back to 2006-07 levels.
“And realistically, the prices haven’t gone down.”
The end of the holiday is not particularly worrying, he says, because “there seem to be a lot of jobs if you are looking for one.”
More and more buyers are coming from further afield, adds John, drawn to Teesside’s cheap house prices – and having “reassessed what’s important, whether it’s size, the garden or the need for an office. home”.
“Usually most of the buyers are from this area, but we have sold a lot more to people from elsewhere – Hampshire, Berkshire, Wales.
“People move to be near their families, their grandchildren and some no longer need to work in the city.
“Covid-19 has changed the way people live their lives and the way they view their homes.
“With a shortage of stock entering the market, demand for real estate remains extremely high despite the closure of the stamp duty window.
“It’s been a roller coaster ride.
“But as a company, we recruited rather than lost staff – we were able to invest rather than collapse.”
No one has been more surprised at how covid has affected the market than Michael Poole, founder of Michael Poole Estate Agents.
“It was about ‘closing the hatches, cutting costs, locking the doors’,” he said.
“But it just took off.
“It’s definitely the opposite of what I thought would happen.
“People have switched to different lifestyles, working from home.
“The stamp duty savings have been significant, it has motivated a lot of people – and they are willing to put those savings in property rather than in government coffers.”
The demand is “global”, he says, whether it is a “£ 45,000 street house in TS1 or a million pound house in Nunthorpe”.
“Everyone is optimistic about the future in Teesside, there is job creation and more employment.
“There are a lot of great metrics that have fueled it all.
“Only time will tell if these prices will be maintained.
“In the North, we have never suffered with the peaks and troughs of the Southeast.
“We’ve definitely been through a peak – let’s hope we don’t have a trough.
“Even when we got out of lockdown last year, before they announced the tax savings, we seemed to be getting back into a market pretty quickly.
“Covid kicked off people’s relocation plans.
“The bottom line now is the stock levels – they’re not that great.
“It pushes up prices further, if there is a strong demand for housing.”
This demand stretches from the “leafy suburbs” of Acklam, Linthorpe, Nunthorpe and Marton to investor hot spots in central Middlesbrough, he says.
“A few properties that have changed hands have increased in value by 20%.
“Whether or not it is sustainable is another matter.
“It’s been a very unusual time – so it might be contrived.
“But it was a pleasant business surprise for us.
“We have had the best sales figures since I started the business for myself in 1994.”
The foreclosure saved people money – which they spend on moving expenses, says George Robinson of Robinsons Estate Agents.
“Some people who have two vacations a year put that money aside, either to expand their house or to buy a bigger house.
“If you look at the auto market, there is always pent-up demand for new cars.
“But there is always an insufficient supply – the demand is always high.
“The stamp duty break has certainly made a difference.
“The best areas of Middlesbrough, Stockton have all done well.
“You can’t get a house for love or money in Yarm.
“Hartburn is very popular, as is Marton and the area west of downtown Middlesbrough.
“We put a house on the market and immediately find a buyer.
“Everything we sell, there is a demand, whether it’s a small, inexpensive trade-in property or a six bed in Wynyard.”
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