Average Price
The average price of property coming to the market for sale rises by 0.3% this month (+£1,199) to £371,958. With a greater choice of properties to consider, buyers are making use of their increased negotiating power, helping to keep price rises subdued. However, market activity still remains strong.
Supply & Demand
The latest sales activity shows that the number of sales being agreed is now 29% ahead of the same period last year. Sales activity has not only bounced back from the low of last year, but has continued on an upward trajectory. There is also a healthy level of underlying buyer demand as people continue to plan their next move. The number of people contacting agents about homes for sale is up by 17% compared with this time last year.
Interest Rates
After a long run of mortgage rate drops helped by the August Bank Rate cut, rate falls are stalling for the moment against a backdrop of geopolitical tension. The average 5-year fixed mortgage rate is now 4.61%, up slightly from 4.55% last week, the first weekly increase since May. Though this is still a big improvement from the average of 6.11% at the peak in July 2023, and is only a very slight increase, the upward swing in rates may be a dent to home-buyer confidence.
Regional Trends: North East
The average price for homes in the North East is £192,742 with a 0.5% decrease since last month, and a 4.9% increase since the same period last year. On average, it takes 57 days to sell a property in the North East region.
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Source: Rightmove
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