Average Price
The average price of properties coming to the market for sale rises by 0.5% this month (+£1,805) to £367,994.
Supply & Demand
The average number of available homes for sale per estate agency branch continues to run at a 10-year high, as the number of new sellers coming to market is now 13% ahead of this time in 2024. In addition, the number of potential buyers contacting agents about homes for sale is 8% ahead of this time last year, and the number of sales being agreed is 15% ahead.
Interest Rates
While mortgage rates remain high, they are now on a downward trend. The number of people applying for a Mortgage in Principle (MIP) on Rightmove hit a record in January 2025- a 49% increase on the same month last year, and a lead indicator of mortgage market activity.
The current base rates stands at 4.5%, with the next meeting due on 20th of March.
Regional Trends: North East
The average price for homes in the North East is £190,124 with a 0.3% decrease since last month, and a 3.1% increase since the same period last year. On average, it takes 69 days to sell a property in the North East region.
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Source: Rightmove
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