Average Price
The average price of property coming to the market for sale drops by just £21 this month (0.0%) to £375,110, as prices in June follow the same seasonal pattern as recent years and remain flat after reaching a record in May.
Price trends differ across the country- the strongest price growth this month is occurring in the less expensive and more northerly regions, with five of the six cheapest areas reaching new price records. By contrast, the higher-priced East of England and London regions lag and see this month’s only regional price falls.
Supply & Demand
The number of sales being agreed and the number of buyers sending enquiries to agents remain steady, with the vast majority of those already in the home-moving market continuing with their plans.
Over the last four weeks, the number of sales being agreed between buyers and sellers has remained stable at 6% above the same period last year, emphasising that those in the market are generally continuing with their plans.
Buyer demand, as measured by the number of people contacting estate agents about homes for sale, has also remained steady and is currently 5% higher than last year.
Interest Rates
Mortgage rates remain stubbornly elevated, with the current average five-year fixed rate now at 5.04%. While the number has improved from the peak of 6.11% in July 2023, it is still higher than the beginning of the year when it was down to 4.94%.
If a Bank of England base rate cut can lead to lower mortgage rates, it will have a much wider and immediate impact on the market than the bespoke housing policies announced so far.
Regional Trends: North East
The average price for homes in the North East is £191,996 with a 1.0% increase since last month, and a 1.9% increase since the same period last year. On average, it takes 55 days to sell a property in the North East region.
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Source: Rightmove
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