This favourable trend is coupled with an inflation rate lower than anticipated, which may instigate a cut in the Bank of England’s base rate later in the year, suggests some predictions.
Lower inflation often leads to bolstered spending capability and consumer morale.
Galbraith partner, Sam Gibson said: “The property market fared better than most experts had predicted during 2023, and the main issue here in the north of England was lack of supply.
“Now as the market looks set to pick up again into the Spring, Northumberland is perfectly positioned in the sweet spot between relatively high property prices in the south of England and the rising tax burden in Scotland.”
Mr Gibson indicated an increase in interest in the North of England from Scotland.
He said: “If you are buying a principal home valued at £1 million, the difference in the property transaction tax payable between England and Scotland is now almost £40,000.
“There is considerable pent up purchasing demand in the north of England, due to the constricted supply over the past 12 months, which will boost the market this year. We expect the supply of property to improve, as consumer confidence returns.”
Known for its attractive attributes, Northumberland offers seekers a quiet, rural life with easy access to stunning landscapes and wide-open spaces, minimal light pollution, and an abundance of fresh air all contributing to a sense of wellbeing.
Locations within the North-East, such as the historical market towns of Hexham and Berwick, located on the border of Scotland, are regularly ranked among the best places to inhabit in the UK.
The most sought after villages include Crookham, Chatton and Wooler, noted as a haven for walkers, bird-watchers and nature photographers.
The stunning coastal towns of Alnmouth and Bamburgh draw visitors throughout the year, and according to Galbraith, properties in these areas are maintaining their value well, or rising in price.