Average Price
Average new seller asking prices rise by 0.9% (+£3,091) this month to £362,839, in line with the seasonal rise we usually expect to see in February. Perhaps more noteworthy is that average prices are now up by 0.1%- one of several signs of growing market momentum.
However, the market remains price-sensitive, with many buyers very budget-conscious. Sellers who are over-optimistic and think that the more positive market sentiment will let them try asking for a higher price, risk missing out on the Spring moving season.
Supply & Demand
During the first six weeks of 2024, the number of properties coming on to the market was 7% higher than the same period last year, while the number of buyers enquiring to estate agents was 7% higher.
The number of sales being agreed is now 3% higher than at this time in 2019, as these numbers continue their transition towards more normal levels.
Buyers now have more time to consider, which property is right for them, making it even more important for sellers to price temptingly and stand out from the crowd. Rightmove analysis also shows that sellers who price right initially are far more likely to find a buyer and sell more quickly.
Interest Rates
As the 2024 budget approaches, Rightmove’s data indicates that the first-time-buyer sector is most in need of government support, with buyer activity levels and sales in this sector the least improved compared to last year.
While the mortgage market has recovered its stability, there are growing signs that the room for lenders to reduce rates further is narrowing, and that rates will settle at elevated levels for the near future. On top of this, inflation and cost-of-living pressures remain, making saving up a large enough deposit challenging for would-be first-time buyers.
Regional Trends: North East
The average price for homes in the North East is £184,370 with a 2.7% increase since last month, and a 2.7% increase since the same period last year. On average, it takes 71 days to sell a property in the North East region.
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Source: Rightmove
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