Surge in activity experienced in Hexham housing market

This follows the recent Bank of England rate cut, the first in four years.

The cut has sparked an increase in buyer activity and a shift in market dynamics.

William Thornton, head of residential agency at youngsRPS, said: "The recent Bank Rate cut has injected much-needed momentum into the market.

"We've observed a sharp increase in buyer inquiries, which is a clear indication that people are feeling more confident about their ability to purchase homes.

"This is a promising sign for the market as we move into the autumn season."

In line with seasonal expectations, the average new seller asking price in the UK has dropped by 1.5 per cent this month, equating to a decrease of £5,708, bringing the average asking price to £367,785.

However, this summer's market is 'markedly different' from last year's, which was characterised by peak mortgage rates and subdued buyer interest.

The Bank of England’s rate cut has 'catalysed a surge in demand', with the number of potential buyers contacting estate agents jumping from an 11 per cent year-over-year increase in July to a 19 per cent increase since the start of August.

This uptick is said to signal a 'significant improvement' in buyer confidence, bolstered by more 'attractive' mortgage deals.

Sarah Butterfield, senior sales consultant (Image: youngsRPS)

Sarah Butterfield, senior sales consultant, said: "We've seen a noticeable uptick in the property market here at youngsRPS Hexham with an 86.7 per cent rise in new instructions year on year.

"Additionally, we've experienced appraisals to new instructions surge from 93 per cent last August to 123 per cent this August, marking a 32.25 per cent year-on-year increase.

"This really demonstrates the renewed confidence among sellers and buyers in the region, who are eager to take advantage of the lower interest rates."

Property portal Rightmove has revised its forecast for 2024, now anticipating a 1 per cent rise in new seller asking prices, reflecting the improving market conditions and increased buyer activity, having previously predicted a 1 per cent drop.