January House Sales Hit Highest Level in Two Years

Estate agents in Newcastle have some good news to celebrate. After finally completing a vote, the region is seeing the housing market pick up. Approximately 5.2 percent more homes were sold in January of this year than in January of last year, according to HRMC.

Letting agents in Newcastle might be quick to note that those figures reflect homes dealt in September and October, since it takes three months or so to close on a home.

Did the Market Pick Up Before the Vote?

It’s certainly possible. Due to the closing times and other polls, some have speculated that the market was picking up before the vote.

There are certainly a good deal more homes sold in January than there were in December. The market picked up by approximately 4.1 percent over December’s market.

Top analysts note that the sales numbers are a better indicator of market status than housing prices, which are still rising in many areas. However, there is a possibility that housing prices will rise as well.

Will the Trend Continue?

Top analysts believe that many people were holding buys until after the vote. Since spring is the top buying season, they predict that the rise in demand will continue and that the market is sure to pick up.

The presence of other factors such as the stock market fluctuations and the development of the coronavirus make it difficult to predict with great certainty.

If solely real estate numbers are taken into consideration, the trend appears to have good traction, however.

Property management is likely to see more activity as well.

Top home buying sites note a pickup in activity, and some people at companies like these believe that it will lead to higher home prices. While the market’s prices have been fluctuating in recent years, there are fewer new houses to meet rising demand.

Likely, home prices will rise a significant amount despite the market’s troubles in the past few years.

How Does Commercial Compare?

For those that watch the real estate market as a whole, it’s delivering some good news in the commercial sector. Commercial property sales were up 10.7 percent from January of last year.

These properties include shops and offices, which make an important contribution to the economy. But they also relate to home prices because they can influence the housing market quite a bit.

People tend to move toward areas with more convenient shopping, but they can also afford to move where there are more jobs available.

All in all, it’s a good sign that commercial real estate is picking up at nearly twice the rate of housing. If the trend continues, perhaps the market will see new homes in areas that need them.

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