As a chartered surveyor with years of experience in the industry, I closely monitor the residential property market in the North East of England. The region has undergone significant changes in recent years, with ongoing investment and regeneration initiatives, as well as the impact of the COVID-19 pandemic on the property market.

Firstly, it's worth noting that the North East has historically been one of the more affordable regions in the UK for property prices, and this trend has continued into 2023. The North East of England remains one of the most affordable regions in the UK. According to a report by the Office for National Statistics, the average house price in the North East is 24% lower than the UK average. This makes it an attractive location for first-time buyers and those looking to move up the property ladder.

According to data from the Land Registry, the average house price in the North East of England increased by 4.5% in the year to December 2022, with the average price now standing at £153,418. This is a significant increase from the average price of £141,234 in December 2021.

One of the factors driving this increase in house prices is the shortage of properties on the market. According to a report by property website Zoopla, the number of homes for sale in the North East of England is currently 19% lower than the same time last year. This lack of supply is putting upward pressure on prices, as buyers compete for the limited number of properties available.

However, it's important to note that the region has seen significant variations in price growth across different local authorities. For example, the average house price in Newcastle upon Tyne increased by 6.1% over the past year, while in Middlesbrough it increased by just 2.4%. This suggests that the market is still subject to local variations and that buyers should take into account the specific area they are looking to buy in.

Another trend we are seeing in the North East is a shift towards more sustainable and energy-efficient homes. This is driven in part by government initiatives such as the Green Homes Grant and the Future Homes Standard, which aim to improve the energy efficiency of new and existing homes. In 2023, we are seeing an increasing number of new developments incorporating sustainable features such as solar panels, triple glazing, and air-source heat pumps.

The COVID-19 pandemic has also had an impact on the North East property market, with many people reassessing their housing needs as a result of remote working and changes to lifestyle. According to a survey by Rightmove, 29% of people in the North East said they were planning to move in 2023, with many looking for larger homes with gardens and more outdoor space. This has led to increased demand for properties with these features, particularly in more rural areas.

Overall, the North East property market in 2023 is showing signs of resilience, with affordable prices and increasing demand for sustainable and larger homes. However, as with any property market, buyers should be cautious and seek professional advice before making any decisions. With our expertise in the industry, chartered surveyors are well placed to provide this guidance and ensure that buyers make informed decisions based on reliable data and analysis.