Average Price
The average price of property coming to the market for sale drops by 0.4% (-£1,617) to £373,493. Sellers try to capture the attention of buyers with a more tempting price heading into the summer holidays and the Olympics. Prices remain stable overall at 0.4% higher than a year ago.
Supply & Demand
The number of sales being agreed is now an encouraging 15% above the same period last year, when we were approaching the peak of mortgage rates. This compares to last month’s figure which was +6% above last year. This positive sales figure emphasises that serious home-hunters have been getting on with their moves. Similarly, the number of new sellers coming to market in the last four weeks is a steady 3% above last year, indicating that despite the uncertainty of an election, the vast majority of movers haven’t been put off.
Overall buyer demand, measured by the number of would-be buyers contacting estate agents about homes for sale, has remained stable in the last four weeks when compared with this time last year.
Interest Rates
The financial markets expect the first Base Rate cut to be in August or September. Though this expectation could change over the coming weeks, it would be a boost for home-movers and market sentiment leading into Autumn.
Regional Trends: North East
The average price for homes in the North East is £193,043 with a 0.5% increase since last month, and a 4.6% increase since the same period last year. On average, it takes 54 days to sell a property in the North East region.
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Source: Rightmove
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