Walton Robinson, the leading Newcastle-based property business, is seeing encouraging signs for the city’s property market, as data shows a sharp increase in numbers of sales, which were up 175 per cent in July and August compared to the same time last year.
Although Walton Robinson continues to experience strong activity in the investment market with properties being purchased to expand Newcastle’s rental sector, the changes introduced by the Government in the Summer Economic Statement have stimulated more home-buyer activity. In summer 2019 only 17 per cent of Walton Robinson agreed sales were for home buyer properties, while in 2020 almost half were buy to live rather than buy to let.
Amid rising levels of new instructions, Walton Robinson has carried out almost double the number of market appraisals compared to the same period last year, and experienced a substantial increase in offers, both from home buyers and investors, up 105 per cent compared to 2019 activity.
This mini-boom in the property sector, and the confidence from investors will bolster the rental market in the city, giving people the convenience of more rental properties close to city centre workplaces, whilst retaining longer term flexibility which is required should working conditions change.
Mark Walton, Managing Director of Walton Robinson said, “Our sales figures demonstrate the confidence that investors have in the Newcastle property market. We have continued to experience remarkably high levels of activity post-lockdown, indicating a significant release of pent up demand. Transaction numbers are likely to be high for the rest of the year as many of the sales agreed move to completion.
“We are confident that this relative strength will last. The stamp duty holiday and extension of the furlough scheme have supported the market in the short term, and although these factors will not last indefinitely, the mood is very much optimistic.”