Average Price
The average price of property coming to the market for sale rises by 1.7% this month (+£5,992) to £366,189. This is the largest monthly jump in prices at the start of the year since 2020, as new seller asking prices bounce back.
Supply & Demand
The number of new properties coming to market is 11% ahead of the same period at the start of last year, while the average number of homes for sale per estate agency branch is currently at the highest for this time of year in 10 years. High buyer choice has contributed to increases in buyer enquiries and sales agreed compared to a year ago.
Buyer activity is also starting the year encouragingly, as many festivity-distracted buyers return to make their move happen. Since Boxing Day, the number of buyers contacting estate agents about homes for sale is up by 9% on the same period last year.
Interest Rates
Rightmove’s weekly mortgage tracker shows that the average five-year fixed mortgage rate is now 4.75% compared with 4.78% at this time last year. While the average two-year fixed mortgage rate has improved, it is still 4.97%, down only slightly on last year’s 5.08%.
The current base rates stands at 4.75%, with the next meeting due on 6th of February.
Regional Trends: North East
The average price for homes in the North East is £190,704 with a 2.5% increase since last month, and a 6.2% increase since the same period last year. On average, it takes 62 days to sell a property in the North East region.
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Source: Rightmove
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