HOMEOWNERS due some good news have been told the market may have finally reached its turning point.

Estate agents have reported an increase in viewings, valuations and sales as the housing market finally begins to settle down following months of falling prices.

Many now believe the over-inflated prices asked for homes in the build up to the recession may be a thing of the past, allowing the market the chance of slow and secure growth.

Families looking to put their home up for sale have now been told things are unlikely to get worse as trust in the market finally returns.

It comes as research shows Durham is one of only a dozen UK towns where prices fell by less than 3% over the last year.

While the rest of the UK looks at house prices which have fallen on average 8.9% , homes in Durham appear to have reached a low of just 3% less than their previous level. Prices in the North East have been rising for the last three months, and many believe this week’s budget will bring even more good news.

The chancellor is said to be preparing a £50bn package to kick start the housing market by underwriting bank loans.

North East estate agent Keith Pattinson said now was the right time to “sell in a relaxed manner and buy in a relaxed manner”.

He said that while the price of a home put up for sale had fallen so had the price of the home families wanted to buy.

“Now that we have a fragile recovery I would say this is the time to buy.

“In the North East we are sensible buyers, we move up the ladder because we have a house we want as our home first, not as an investment.