County Durham Property Market Update – February 2025

County Durham Property Market Update – February 2025

The property market in County Durham continues to show resilience, with the latest figures reflecting a stable yet dynamic landscape for both buyers and sellers. Despite national trends, our local market remains competitive, particularly in the DH8 postcode area, where properties are selling faster than the regional average.

Fall-through rates have fluctuated over the past three years, with February 2025 recording a rate of 23.53%. This marks an increase from last year’s 16.07% but remains comparable to February 2023’s 22.92%. While fall-throughs are an unavoidable part of the sales process, a rise in numbers highlights the importance of working with a knowledgeable and proactive estate agent to navigate potential challenges and ensure transactions progress smoothly.

Time to sell remains a key factor for both buyers and sellers. According to Rightmove’s February report, the regional average time from instructing a property to finding a buyer is currently 69 days. However, at Harrington Brown, our proactive approach meant that last year, we secured buyers in an average of just 54 days (source: TwentyEA). Additionally, the regional average time from Sold Subject to Contract to completion now stands at 108.42 days (source: TwentyEA), meaning buyers and sellers should anticipate a timeframe of over 15 weeks from agreeing on a sale to completion. These figures emphasise the importance of setting realistic expectations and ensuring that the process is managed efficiently to minimise delays.

Looking ahead, changes to Stamp Duty from 1st April 2025 are expected to impact a significant number of homebuyers nationally, with half of all homeowners facing an additional £2,500 in costs per purchase and 40% of first-time buyers also seeing an increase (source: Zoopla). However, these adjustments are likely to have a lesser impact in County Durham than in other regions, as our average selling price of around £190,000 will mean that the increase in SDLT will be less pronounced. The Stamp Duty deadline is expected to create pressure on the conveyancing process, as more than 550,000 homes currently sold are still awaiting legal completion—25% more than at this time last year (source: Rightmove). This backlog helps explain the current 15-week average from finding a buyer to completion.

For non-first-time buyers, the 0% Stamp Duty threshold will reduce from £250,000 to £125,000, meaning more buyers will need to budget for additional costs. However, first-time buyers will continue to benefit from Stamp Duty relief on purchases up to £300,000, which many may not yet be aware of. For anyone who is unsure, make sure to check out the government's online SDLT calculator.

House prices in the North East remain strong, with the latest Rightmove data showing an average selling price in our region of £190,124—a minor decrease of 0.3% since last month but a healthy 3.1% increase from February 2024. The North East and Yorkshire & the Humber (at 3.3%) are the only two regions in the country to have seen annual growth exceeding 3%, reinforcing the desirability of our region as an attractive place to buy (source: Rightmove).

The regional average time to find a buyer currently stands at 69 days (source: Rightmove), whereas DH8 sellers are securing buyers in just 60.72 days (source: TwentyEA), demonstrating the strength and desirability of our specific part of the North East.

At Harrington Brown, we continue to see strong demand and positive movement in the market. However, with fall-through rates still high across the region and conveyancing timescales now averaging over 15 weeks, this reinforces the importance of working with an experienced estate agent to achieve the best results. In previous years, completion timescales of 8–12 weeks were more typical, making it all the more important to have expert guidance through the process.

Whether you are looking to buy or sell, our team is here to provide expert advice and ensure a smooth, successful transaction.

If you’re considering making a move, get in touch with us today to discuss how we can help you navigate the market with confidence.

Aidan Donnelly, MNAEA