Average Price
The average price of properties coming to the market for sale this month is £366,592. Despite the dampener of the Budget, the big picture of market activity remains strong when compared with last year.
Supply & Demand
The number of sales being agreed continues to track positively against the quieter market of this time last year and is now 26% ahead of the same period in 2023. The number of new sellers coming to market is 6% ahead of the same period a year ago.
After the second Bank Rate cut, we see a boost in buyer activity, as demand is now 23% ahead of the same period in 2023.
Seller competition to find a buyer is intense, with the average number of homes for sale per estate agent branch at its highest level for the time of year since 2014. New sellers will need to continue being sensible with their price expectations to attract buyers
Interest Rates
Since the Budget, we have had a second Bank Rate cut. The speed at which mortgage rates come down next year will be key in determining activity levels for some of the market’s traditionally busiest periods.
Regional Trends: North East
The average price for homes in the North East is £189,694 with a 1.6% decrease since last month, and a 4.3% increase since the same period last year. On average, it takes 55 days to sell a property in the North East region.
Source: Rightmove
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