Average Price
The average price of properties coming to the market for sale is £360,197, in line with the usual December monthly drop- yet, activity continues to remain strong compared to last year. New sellers typically need to come to market with some of the most competitive prices of the year in December, to motivate festivity-distracted buyers to act.
Prices for typical first-time-buyer homes in the North East are up by 1.0% this month.
Supply & Demand
The number of sales being agreed is up by 22% compared with this time last year, while the number of new buyers contacting estate agents about homes for sale is up by 13%.
Interest Rates
The current base rate, set by the Bank of England, remains at 4.75%, with the possibility of it falling further in the new year, boasting buyer's affordability and therefore confidence.
Regional Trends: North East
The average price for homes in the North East is £186,013 with a 1.9% decrease since last month, and a 4.2% increase since the same period last year. On average, it takes 57 days to sell a property in the North East region.
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Source: Rightmove
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