Latimer Hinks Solicitors

Darlington and Durham continue to attract prospective homeowners in the face of reduced national appetite for moving home, according to figures unearthed by Latimer Hinks.

Using the local authority’s records of local search applications, which are required for the vast majority of residential property purchases – leading property conveyancers, Latimer Hinks discovered that both Darlington and Durham saw an increase in the number of people seeking information on a property as part of the homebuying process. However, in the neighbouring county of North Yorkshire, there were a third fewer searches compared to the previous year.

Latimer Hinks analysed data from June to September 2022, comparing it to the same period this year. This three-month window is typically a peak time of activity for property sales and provides a snapshot of buyer sentiment and appetite for moving home.

Across the UK, figures from the Halifax house price index show that on average the number of houses purchased was down by 15.6% in comparison to the same period during 2022.

The research found that:

• For Darlington, five additional property searches were conducted from June 1^st to 31^st August 2023 in comparison with the same period in 2022 – A 5% increase.
• For Durham, 106 additional property searches were conducted from June 1^st to 31^st August 2023 in comparison with the same period in 2022 – A 8.6% increase.
• For North Yorkshire, 609 fewer property searches were conducted from June 1^st to 31^st August 2023 in comparison with the same period in 2022 - A 37.1% decrease.

Martin Williamson, director, and head of the residential property team for Latimer Hinks said: “The UK has faced many economic challenges in the last year. The continual rise in interest rates has seen the cost of mortgages skyrocket, forcing many homeowners to reconsider their budget to seek more affordable homes or hold back from moving. The average home price in both Darlington and Durham is significantly less than that of North Yorkshire, and I expect this has been a major factor in driving interest in the two areas.

“Many economists believe that we may have reached the peak of interest rate rises and as we settle into the new norm, it will be interesting to see if this trend continues.”

ENDS

Media Release Issued on Behalf of Latimer Hinks Solicitors

Media Contact: Josh Mason on 01325 363 436

NOTES TO EDITORS

Latimer Hinks solicitors, based in Darlington, has a team of around 50 people serving private and corporate clients. Their range of expertise and services covers legal issues surrounding commercial, residential and agricultural property, farming partnerships, wills and lasting powers of attorney, trusts, probate, long-term care, tax planning, commercial law, alternative and renewable energy, employment, and land-owning