Average Price
The average price of properties coming to the market for sale rises by 1.1% (+£3,876) this month to £371,870, which is in line with the long-term March average increase, showing that many new sellers are pricing sensibly.
Supply & Demand
New Spring buyers are looking at the best choice of properties for sale at this time of year since 2015- the number of new sellers is now 8% ahead of this time last year. The number of sales being agreed is 9% higher than at this time in 2024. Both are positive signs for continued market activity after stamp duty increases at the start of April.
Interest Rates
According to Rightmove’s weekly mortgage tracker, the average five-year fixed mortgage rate is now 4.74%, which is reduced from the peak of 6.11% in July 2023
The current base rate stands at 4.5%, with the next meeting due on 8th of May.
Regional Trends: North East
The average price for homes in the North East is £193,662 with a 1.9% increase since last month, and a 3.2% increase since the same period last year. On average, it takes 59 days to sell a property in the North East region.
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Source: Rightmove
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